Nine Major European Banks Launch Euro-Backed Stablecoin to Challenge USD Dominance
Nine major European banks have joined forces to challenge US-dollar-backed stablecoins by creating a euro-backed alternative. Meanwhile, OpenAI, the AI giant, has seen a significant increase in its valuation following a stock sale, and is expanding its offerings with new apps.
The European banks, including Banca Sella, Caixabank, Danske Bank, and others, have formed a company in the Netherlands to issue a stablecoin backed by the euro. Their aim is to create a trusted European payment standard, aiming for a launch in the second half of 2026. This move is a direct challenge to dominant US providers like Tether, Circle, and Ripple.
In other news, OpenAI has seen its valuation soar to $500 billion after its employees sold $6.6 billion of company stock to investors like Thrive Capital and SoftBank Group Corp. This increase in valuation comes amidst negotiations with Microsoft to boost profitability. Despite being the most valued startup, OpenAI remains unprofitable. The company has also been aggressive in hiring, with competitors like Meta Platforms Inc. trying to poach employees with more generous paychecks.
OpenAI has been expanding its offerings, releasing the gpt-oss app in August for free user device usage, with applications in data analysis and trading bots. Additionally, the company has promoted its iOS app Sora 2, a video-generating tool released on September 30. Meanwhile, Elon Musk's SpaceX is now worth $400 billion, less than OpenAI's $500 billion valuation.
The formation of a European stablecoin by major banks signals a potential shift in the global payments landscape. Meanwhile, OpenAI's continued growth and expansion, despite being unprofitable, highlight the immense potential and interest in AI technology.
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