Report: Deutsche Bank Assesses Leveraging Stablecoin Tech or Consortium Role
Jamie Redman
Crypto News
Report: Deutsche Bank Assesses Leveraging Stablecoin Tech or Consortium Role
Deutsche Bank AG is exploring stablecoins and tokenized deposits as large financial institutions increase digital asset investments.
German Financial Giant Ponders Stablecoin Use and Token Deposits
Bloomberg reports that Germany’s largest lender is evaluating stablecoin options, which could involve issuing its own token or joining an industry initiative, according to Sabih Behzad, Deutsche Bank’s head of digital assets and currencies transformation.
Behzad, in an interview reported by Bloomberg News reporters Arno Schuetze and Anna Irrera, added the bank is also assessing whether to develop its own tokenized deposit solution for payments. The report further notes that the exploration occurs as EU regulations solidify and U.S. stablecoin legislation advances.
“We can certainly see the momentum of stablecoins along with a regulatory supportive environment, especially in the US,” Behzad stated. He noted banks have options ranging from reserve management to issuing their own stablecoin.
Behzad added:
Banks have a wide variety of options available to engage in the stablecoin industry — everything from acting as a reserve manager, through to issuing their own stablecoin, either alone or in a consortium.
Other institutions signal similar interest. Banco Santander SA has early-stage stablecoin plans, Bloomberg’s Schuetze and Irrera reported. Furthermore, the report notes that the Deutsche Bank-owned DWS Group, Flow Traders Ltd., and Galaxy Digital Holdings Ltd. formed a company to issue a euro-denominated token.
ING Groep NV’s CEO also acknowledged a potential role for European stablecoins in settlement. Alongside this, Fortune reported this week that Google, Apple, X, and Airbnb are discussing stablecoin integrations. Moreover, Uber CEO Dara Khosrowshahi also mentioned this week that the company is in the “study phase” of possibly adopting stablecoins for payments.
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