Stellar-Based Euro Stablecoin Released

by in Cryptocurrency News

German Bank launches stablecoin

One of the earliest German banks, Bankhaus von der Heydt has introduced a Euro-backed stablecoin powered by the decentralized protocol Stellar.

Related: Spain's Second Largest Bank Launches Crypto Services

The company informed that for building the new digital currency it collaborated with the P2P lending platform Bitbond. BVDH member of management board Philipp Doppelhammer mentioned that they had chosen Stellar and Bitbond after a year of analyzing DLT. He said these two meet their requirements as they are easily managed on the system.

The token called EURB is completely regulated and intends to develop collaboration within conservative trading and the blockchain industry. BVDH, instituted in 1754 becomes the first banking establishment to present a digital token on Stellar. The financial supervisory body known as BaFin licensed the project.

It is possible to receive a EURB due to an operation when a fiat money operation is done via an escrow account at the BVDH. It is a special bank profile that serves for safe financial operations of real estate sale and purchase transactions between the parties (Buyer and Seller).

EURB provides immediate trading via blockchain. The protocol built by Bitbond ensures stablecoin's safety to the bank, which means devices for burning and minting the currency as well.