Tether's Profit Surge Spurs Global Banks to Enter Stablecoin Market

According to PANews, Tether is projected to achieve a net profit exceeding $10 billion by the end of this year. This financial milestone is encouraging several global banks to enter the stablecoin market. Among these banks, Societe Generale-Forge, a subsidiary of France's Societe Generale, has launched a euro-backed stablecoin. Oddo BHF SCA is also developing a euro-denominated stablecoin. In London, Revolut is considering issuing its own stablecoin. Meanwhile, DWS, a subsidiary of Deutsche Bank, plans to introduce a stablecoin next year. BBVA is preparing to enter the stablecoin market as well, having partnered with Visa to launch a tokenization network for banks to issue stablecoins, with a pilot expected in 2025. Additionally, Standard Chartered, 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 as part of an experimental project.