German bank introduces unprecedented euro-backed stablecoin

e_abrams

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Bankhaus von der Heydt (BVDH), which happens to be one of the oldest banks in Europe, is issuing out its own stablecoin, embracing cryptos. Said coin is called EURB and it will be backed by the EUR. EURB was developed by the bank in collaboration with blockchain developer Bitbond.

The bank stated that EURB will be using the Stellar Network , because they and their partner Bitbond liked the ease with which currency could be managed there. Apparently the EURB is already circulating on the service of SatoshiPay, which is a payment provider and one of the early providers of the Stellar Network.
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I guess this is how banking institutions have survived as businesses for so long – they embrace innovation.