CoinVoice has recently learned from Fortune magazine that Tether is expected to achieve over $10 billion in net profit by the end of this year, 'stimulating' multiple global banks to join the stablecoin market and share in the profits, including:
Société Générale-Forge, a subsidiary of Société Générale, launched a euro-backed stablecoin; Oddo BHF SCA is also developing a euro-denominated stablecoin; London-based Revolut is considering issuing its own stablecoin; DWS, a subsidiary of Deutsche Bank, plans to launch a stablecoin next year; BBVA also plans to enter the stablecoin market and has partnered with Visa to launch a tokenized network for issuing stablecoins for banks, with a pilot set for 2025; Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom have been selected by the Hong Kong Monetary Authority as one of the first banks to issue Hong Kong dollar stablecoins in the experimental project. [Original link]