According to ChainCatcher, 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:
Société Générale-Forge, a subsidiary of Société Générale, has launched a euro-backed stablecoin;
Oddo BHF SCA is also developing a euro-denominated stablecoin;
London Revolut is considering issuing its own stablecoin;
Deutsche Bank's DWS plans to launch a stablecoin next year;
BBVA also plans to enter the stablecoin market, having partnered with Visa to launch a tokenized network for banks to issue stablecoins, with a pilot set for 2025;
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 the experimental project.
