We are glad to announce that DTransfer parent company SatoshiPay signed an agreement with German Bankhaus von der Heydt to become the first official user of the bank’s fully compliant euro-backed stablecoin. This partnership establishes a strong foundation for DTransfer’s business customers to send and receive EUR instantly.
Innovation in global payments takes a substantial leap forward as Bankhaus von der Heydt (BVDH) and its technical partner Bitbond introduce the issuance of a new Euro stablecoin (EURB) on the Stellar network (announcement). Bitbond was behind the stablecoin’s development and blockchain integration while BVDH provides the banking infrastructure and compliance framework to bring it to market effectively. In operation since 1754, BVDH epitomizes digital adaptation and progressive innovation in the largely conservative banking sector. Thus far, stablecoins were predominantly issued by fintech and other technology-focused companies.
The EURB will also be a notable addition to the crypto markets as it is the first fiat asset directly backed by a banking institution on Stellar. The underlying e-money license generates equivalent trust in the EURB compared to existing e-money systems. EURB will enable instant money transfers on blockchain for existing BVDH customers and other financial technology innovators.
We are proud to be a part of this pivotal project for the Stellar platform. We will implement EURB into our cross-border money transfer service to become the stablecoin’s first official B2B user. The fully compliant and secure stablecoin is ideal for facilitating cross-border payments for businesses and an enabling asset to bolster industry-wide stability. Furthermore, BDVH establishes a stable on and off-ramp for EURB with instant EUR bank transfers within the SEPA network. EURB will be a powerful asset for DTransfer, laying the foundation for dependable and trustworthy access to EUR on the Stellar network.
Meinhard Benn, CEO SatoshiPay says:
“We are very excited about partnering with Bankhaus von der Heydt on this milestone project for the Stellar ecosystem. Having a fully regulated bank issue a EUR stablecoin on Stellar brings incredible trust and stability to the industry. Combined with Stellar’s extremely efficient transactions and Bitbond’s proven technology, this becomes an ideal enabler for DTransfer’s future growth.”
Philipp Doppelhammer, MD Bankhaus von der Heydt further explains:
“SatoshiPay is the ideal partner for our first EURB stablecoin use case, because the added value generated by the collaboration is significant. Companies can use the DTransfer platform to make cross-border fiat payments in the shortest possible time and do so completely transparently and at lower cost. I am convinced that blockchain technology will play an increasingly decisive role in the payments industry.”
The EURB can be seen as an industry catalyst that begins to significantly shift the global payments landscape. Not only does it provide the framework for reliable access to EUR on-chain, but exemplifies a more optimistic outlook of how banks can innovate to be an integral part of a digitizing industry. DTransfer seeks to be an intrinsic component in this shift, connecting more banks and banking networks across the globe to the Stellar network in order to empower businesses to send money instantly and cost-effectively around the globe.