Cryptocurrencies
Banks Want In on Tether’s Billions in Stablecoin Profits
- Banks are starting to issue stablecoins for payments, payroll
- SocGen, Standard Chartered are among banks expanding efforts
Logos of Bitcoin, Ethereum, and Tether outside a cryptocurrency exchange.
Photographer: David Lombeida/BloombergThis article is for subscribers only.
Until recently, banks watched from the sidelines with envy as stablecoin market leader Tether Holdings boasted of billions in profits. Now they want in.
Earlier this year, Societe Generale - Forge made its Euro-backed stablecoin — which basically represents fiat on a blockchain ledger — available to retail investors. Financial group Oddo BHF SCA is also working on a Euro-denominated one, and London-based Revolut is considering issuing its own version. AllUnity, a venture involving Deutsche-Bank owned DWS, plans to issue another next year, and BBVA is also working on an entry.