Tether expects net profit to exceed $10 billion by the end of the year, stimulating multiple banks to enter the stablecoin market

According to ChainCatcher, Tether is expected to achieve a net profit of more than $10 billion by the end of this year, attracting many banks around the world to join the stablecoin market.

Societe Generale-Forge, a subsidiary of Societe Generale, launched a euro-backed stablecoin, and Oddo BHF SCA is also developing a euro-denominated stablecoin.

London-based Revolut is considering issuing its own stablecoin, and Deutsche Bank’s DWS plans to launch a stablecoin next year.

BBVA has partnered with Visa to launch a tokenized network for banks to issue stablecoins, which will be piloted in 2025.

Standard Chartered Bank, Animoca Brands and HKT have been selected by the Hong Kong Monetary Authority as among the first banks to issue a Hong Kong dollar stablecoin.