European and American banks will soon issue stablecoins in hopes of repeating the success of USDT issuer 💵Tether .

This year, French bank Societe Generale (EPA: SOGN ) created a euro- pegged cryptocurrency, EUR CoinVertible (EURCV), while European financial conglomerate ODDO BHF, London-based Revolut, and DWS, owned by German bank Deutsche Bank (ETR: DBKGn ), are all developing their own euro-backed digital assets. More financial institutions in the U.S. and the European Union are expected to join the list.

Do I think other banks will also issue their own stablecoins? My answer is yes. It is difficult to do, so I am not sure that new stablecoins will appear in the near future, - said Jean-Marc Stenger, head of Societe Generale subsidiary SG Forge, which works in the field of digital financial products.

According to Stenger, several banks are already interested in using EUR CoinVertible stablecoins, and about 10 more organizations are in talks with Societe Generale about using the bank's software to issue their own cryptocurrencies with a stable exchange rate.

It is obvious that the management of financial institutions is jealous of Tether, which managed to hit the jackpot on USDT. This year, the company that created the most popular stablecoin should receive a profit of over $10 billion. This is possible thanks to the growth in demand for USDT, whose capitalization level increased by almost $50 billion in 2024 and exceeded $143 billion.