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Less than a week after it was announced, Bankhaus von der Heydt’s euro-backed stablecoin has already found its first user in the face of crypto payments provider SatoshiPay.

According to a press release from Blue Star Capital — which has a 27.7% stake in SatoshiPay — the crypto payments provider signed an agreement with Bankhaus von der Heydt on 15 December to become the first user of the EURB stablecoin. SatoshiPay plans to integrate the regulatory compliant digital asset into its cross border business-to-business (B2B) money transfer service DTransfer. The CEO of Blue Star. Tony Fabrizi, said in a statement:

“Today’s announcement regarding the issuance of a new Euro stablecoin on the Stellar network is further evidence of the growing momentum and support building behind SatoshiPay’s DTransfer cross border payments platform for businesses. There is clearly strong appetite for the product and we look forward to reporting on the company’s progress next year.”

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By integrating the stablecoin into its platform, SatoshiPay will be able to benefit from EURB’s “instant EUR-based bank transfers” within the Single Euro Payments Area, which includes 36 European member-states. The firm has already signed up 11 business partners around the world — expected to transfer over £70m annually using DTransfer — that will now have access to the platform’s new capabilities.

The EURB stablecoin was first announced on 9 December, and is the child of one of the oldest banks in the world, Bankhaus von der Heydt, and digital asset custody technology provider Bitbond. Issued on the Stellar blockchain, the stablecoin is fully regulated and backed on a 1:1 basis by the EUR.

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