Fortune Magazine: Global Banks Will Join the Stablecoin Market

According to an article in Fortune magazine, Tether is on track to make a net profit of more than $10 billion by the end of this year, "spurring" a number of banks around the world to join the stablecoin market and take a share, including:
1. Societe General-Forge, a subsidiary of Societe Generale, launched a euro-backed stablecoin.
2. Oddo BHF SCA is also developing a stablecoin denominated in euros.
3. London Revolut is considering issuing its own stablecoin.
4. Deutsche Bank's DWS plans to launch a stablecoin next year.
BBVA also plans to enter the stablecoin market and has partnered with Visa to launch a tokenized network for banks to issue stablecoins, which will be piloted in 2025.
6. Standard Chartered, Animoca Brands, and HKT have been selected by HKMA as one of the first banks to issue Hong Kong dollar stablecoins in the pilot project.