(Fortune) magazine reports that Tether is expected to achieve a net profit of over $10 billion by the end of this year, 'stimulating' several global banks to join the stablecoin market and share in the profits, including:
1. Societe Generale-Forge, a subsidiary of Société Générale, has launched a euro-backed stablecoin;
2. Oddo BHF SCA is also developing a euro-denominated stablecoin;
3. London-based Revolut is considering issuing its own stablecoin;
4. DWS, a subsidiary of Deutsche Bank, plans to launch a stablecoin next year;
5. BBVA also plans to enter the stablecoin market and has partnered with Visa to launch a tokenized network for banks to issue stablecoins, with a pilot scheduled for 2025;
6. Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications have been selected by the Hong Kong Monetary Authority as one of the first banks to issue Hong Kong dollar stablecoins in a pilot project.