HomeBlockchainBlockchain NewsGerman Bank’s Euro Stablecoin gets its 1st user

German Bank’s Euro Stablecoin gets its 1st user

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Cryptocurrency payments provider SatoshiPay has inked a deal with German bank Bankhaus von der Heydt to become the first user of its recently revealed euro-backed stablecoin (EURB).

  • Announced Tuesday by SatoshiPay investor Blue Star Capital, the payments firm plans to integrate the regulatory complaint EURB into its cross border money transfer service called DTransfer.
  • Bankhaus von der Heydt, an institution established in 1754, partnered with Bitbond to launch its euro-backed stablecoin on Stellar last week.
  • Bitbond played a role in the development and integration of EURB, while Bankhaus von der Heydt provides its banking infrastructure and regulatory framework.
  • U.K. based Blue Star, which has a 27.7% stake in the company, said the addition of EURB would be good for SatoshiPay users.
  • Bankhaus von der Heydt brings “a stable on and off-ramp for EURB transactions with instant EUR-based bank transfers within the Single Euro Payments Area,” according to the announcement.

This article has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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