According to Odaily Planet Daily, driven by increased regulatory transparency and market demand, US and European banks have stepped up their efforts to issue stablecoins. The introduction of the EU MiCA regulations has prompted traditional financial institutions to compete with crypto companies.
SG-Forge, a subsidiary of Societe Generale, has opened its euro stablecoin to retail investors, and Frankfurt's Oddo BHF SCA and London's Revolut are also considering launching euro stablecoins. Visa is working with banks such as BBVA to create stablecoin solutions.
JPMorgan Chase tests blockchain-based payment system, and expects JPM Coin to gain more recognition in the next three years. MiCA regulations will take effect in December 2024, and Circle's USDC has been approved.
The European Central Bank is concerned about the impact of stablecoins on the traditional banking industry, and commercial banks and central banks are actively developing CBDCs. Libre Capital CEO pointed out that many banks may prefer alliance coins.