The millionaire business of USDT inspires banks, who do not want to be left out
Traditional banks are considering entering the stablecoin business, inspired by the example of Tether Limited and its stablecoin USDT.
According to representatives of traditional financial institutions like SG-Forge, entities want to participate in this market. Jean-Marc Stenger, CEO of SG-Forge, believes that other banks will issue their own stablecoins in the near future.
"It’s hard work; I’m not sure it will happen soon, but it will happen," he said, according to Bloomberg.
According to that agency, U.S. banks are expected to join the trend, but only once legislation is enacted that could pave the way for them to issue stablecoins.
In Europe, thanks to the recent clarity provided by the Markets in Crypto-Assets Regulation (MiCA), and Tether's decision to stop issuing its stablecoin EURt, a window of opportunity has opened for competitors looking to offer customers options for making payments or holding assets similar to fiat currencies.
Stenger also mentioned that SG-Forge, the cryptocurrency arm of the French bank Société Générale, is already talking to several banks that want to use its stablecoin. Additionally, it is in discussions with about 10 banks regarding partnerships and their technology for issuing their own stablecoins.
In September of this year, SG-Forge announced a partnership with the exchange BitPanda to create and launch its own stablecoin in euros, called EUR CoinVertible, as reported by CriptoNoticias. This stablecoin will be managed by the French unit and will comply with the EU's MiCA regulation, becoming the first regulated stable cryptocurrency of its kind in Europe.