Banks Aim to Capture Stablecoin Market Share Post EURt's Closure by Tether

by Giorgi Kostiuk

2 years ago

Traditional banks are seeking opportunities in the stablecoin market following Tether's discontinuation of EURt.

What Happened to EURt

Tether Holdings announced in November the discontinuation of the EURt stablecoin in line with the new European regulatory MiCA guidelines. EURt struggled to find traction in the market, leading to its closure.

Emergence of New Players

Banks such as Societe Generale-Forge and Revolut are actively developing their own euro-denominated stablecoins after EURt's exit. The European MiCA regulation provides these companies and banks with clear guidelines for issuing their stablecoins.

We are actively engaged with a number of banks across the world at various stages of the process.Cuy Sheffield, Head of Crypto at Visa

Global Stablecoin Trends

Companies worldwide, including Visa, are also exploring stablecoin issuance opportunities. JPMorgan Chase is exploring deposit tokens as an alternative to stablecoins. Regulatory standards and reserve stability remain crucial factors.

Despite regulatory challenges, banks clearly see a promising niche in the stablecoin market, which drives them towards expansion in this direction.

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