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-0.000160629405015663 -0.000655630224553338 -0.000983445336830065 -0.000327815112276727 0.000819537780691643 0.00131126044910668 0.00262252089821335 0.00327815112276669
Stock impact report

Spanish lender BBVA joins EU banks' stablecoin venture to challenge digital dollars [Yahoo! Finance]

ING Group, N.V. (ING) 
US:NYSE Investor Relations: ing.com/investor-relations.htm
Company Research Source: Yahoo! Finance
Adding BBVA, which has $800 billion of assets, the group now includes a dozen major European Union banks, including BNP Paribas, ING and UniCredit. The project's goal is to create a token backed by a network of established banks, offering an alternative to crypto-native stablecoins, many of which are tied to the dollar and operated by companies based outside of the bloc. Of the $300 billion stablecoin market, only $860 million are tied to the single currency. Tether, based in El Salvador, dominates with its $185 billion USDT, followed by New York-based Circle Internet's (CRCL) $70 billion USDC. A euro-pegged coin could allow EU businesses and consumers to make blockchain-based payments and settlements using euros, without relying on traditional financial rails or third-party providers outside the bloc. "Collaboration between banks is key to create common standards that support the evolution of the future banking model," Alicia Pertusa, head of partnerships and innovation at B Show less Read more
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