PANews reported on December 29 that according to Fortune magazine, Tether is expected to achieve a net profit of more than $10 billion by the end of this year, "stimulating" many banks around the world to join the stablecoin market and share a piece of it, including:

1. Societe Generale-Forge, a subsidiary of Societe Generale, launched a stablecoin backed by the euro;

2. Oddo BHF SCA is also developing a stablecoin denominated in euros;

3. London-based Revolut is considering issuing its own stablecoin;

4. Deutsche Bank's DWS plans to launch a stablecoin next year;

5. BBVA also plans to enter the stablecoin market. It has cooperated with Visa to launch a tokenized network for banks to issue stablecoins and will pilot it in 2025.

6. Standard Chartered Bank, Animoca Brands and Hong Kong Telecom have been selected by the Hong Kong Monetary Authority as one of the first banks to issue Hong Kong dollar stablecoins in a pilot project.