French financial group Oddo is developing a Euro stablecoin, expected to be launched next year

According to Bloomberg, informed sources have stated that Paris based financial group Oddo BHF SCA is collaborating with cryptocurrency company Fireblocks to develop a stablecoin denominated in euros. Oddo is expected to launch the token next year, but is awaiting regulatory approval. It is reported that Oddo manages client assets of over 140 billion euros (147 billion US dollars), has approximately 3000 employees as of the end of 2023, and has three major business lines: private banking, asset management, and corporate and investment banking. The company is majority owned by the Odo family and had a net banking revenue of 806 million euros last year.