"Fortune" magazine: Several global banks will join the Stable Coin market

“Fortune” magazine reported that Tether is expected to achieve a net profit of over $10 billion by the end of this year, “stimulating” many banks around the world to join the Stable Coin market and get a share of the pie, including:

1. Societe Generale-Forge, a subsidiary of Societe Generale Bank in France, has launched a Euro-backed Stablecoin.
2. Oddo BHF SCA is also developing a Stable Coin denominated in euros;
3. London Revolut is considering issuing its own Stable Coin;
4. DWS, a subsidiary of Deutsche Bank, plans to launch a stablecoin next year.
5. BBVA also plans to enter the Stable Coin market and has partnered with Visa to launch a tokenized network for banks to issue Stable Coins, which will be piloted 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 the pilot project.