Create your own stablecoins, a new strategy for banks to compete with Bitcoin

Institutions such as Société Générale of France, BTG Pactual of Brazil and JP Morgan of the US enter the ecosystem through these launches.

Key facts: Through stablecoins, banks seek to get closer to the cryptocurrency ecosystem.
The high interest of its clients in digital assets is behind the decision.

Last December it became known that Société Générale-FORGE (SG-FORGE), a subsidiary of the Société Générale Group, one of the largest and oldest banks in Europe, launched its own stablecoin.

The stablecoin, called EUR CoinVertible (EURCV), is based on Ethereum and is already listed on Bitstamp and other cryptocurrency exchanges. Its creation represents a new move with which the financial institution rides the wave that many other banks in Europe and various parts of the world are following.

This is the case of other financial institutions, such as JP Morgan in the United States, which launched JPM Coin; Brazil's BTG Pactual which broadcasts BTG Dol; and the National Australia Bank of Australia, with the AUDN.
The idea is that investors in the cryptoasset ecosystem, as well as participants in traditional financial markets who wish to do so, can carry out transactions based on stablecoins, particularly those available in these banks.

In that sense, currencies allow cross-border operations and currency exchanges to be carried out within the traditional financial structure. Most of them offer them as an alternative to the banks' SWIFT system and the large stablecoins of the cryptocurrency ecosystem.
With such launches, banks are looking for another way to enter the cryptocurrency sector, avoiding what they call the “risks” related to this type of assets.

#Criptomonedas #Europa #Stablecoin

Cripto247 gives you a summary of the most important things in the universe of cryptocurrencies, blockchain and NFT.

Bitcoin Spot ETFs Received $1.1 Billion Last Week

A Coinshares report raises cumulative inflows to $2.8 billion following the ETF's January launch. Asset managers BlackRock and Fidelity lead these entries. The broader landscape of cryptocurrency investment products reached $59 billion in assets, the highest figure since early 2022.

Ethiopia attracts Chinese crypto miners
Ethiopia's state power company has signed power supply agreements with 21 bitcoin miners. These deals have not only positioned the African nation as one of the world's top destinations for bitcoin mining machines, but have opened up a potentially lucrative source of foreign currency.

The Bank of Russia detected an increase in crypto pyramids
The Bank of Russia issued a report on the increase in illegal loan providers and cryptocurrency-related pyramid scheme numbers. More than 5,700 cases of these activities were detected, representing an increase of 15.5% compared to 2022. Furthermore, focusing only on crypto pyramid scam schemes, the number grows to 46%.