French banking group ODDO BHF has introduced EUROD, a euro-backed stablecoin compliant with the EU's Markets in Crypto-Assets (MiCA) regulation. The 175-year-old bank, which manages over €150 billion in assets, collaborated with Fireblocks for custody and settlement, issuing the token on the Polygon network. EUROD will be available on Bit2Me, a Madrid-based exchange authorized under MiCA. This launch marks a significant step for traditional banks venturing into regulated blockchain finance. The MiCA framework mandates one-to-one reserves and strict governance to prevent risks associated with unregulated stablecoins like TerraUSD. The European Central Bank has expressed concerns about reserve runs from foreign stablecoins without robust mechanisms. Euro-backed stablecoins have doubled in market value this year, with Circle's EURC leading at approximately $270 million. Other European banks, such as Société Générale and Deutsche Börse, are also planning to issue MiCA-compliant euro stablecoins.