PANews reported on December 13 that according to Bloomberg, people familiar with the matter said that Paris-based financial group Oddo BHF SCA is working with encryption technology company Fireblocks to develop a euro-denominated stablecoin. Oddo expects to launch the token next year, but it needs to wait for regulatory approval.

Oddo manages more than 140 billion euros ($147 billion) in client assets, has about 3,000 employees by the end of 2023, and has three business lines: private banking, asset management, and corporate and investment banking. The company, which is majority-owned by the Oddo family, had net banking income of 806 million euros last year.