Societe Generale’s crypto division launches Euro stablecoin on Ethereum

Societe Generale-Forge (SG-Forge), a regulated subsidiary of the French banking firm Societe Generale, has launched EUR CoinVertible, the euro-pegged stablecoin for qualified institutional clients.

Announcing the news on April 20, SG-Forge said that the new stablecoin is based on the Ethereum blockchain and will be traded under the ticker symbol EURCV. The new digital asset will be only available to investors onboarded by Societe Generale through its existing Know Your Customer and Anti-Money Laundering procedures.

“In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption,” SG-Forge CEO Jean-Marc Stenger told Cointelegraph. The token will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues.

The EURCV stablecoin is designed to bridge the gap between traditional capital markets and the digital assets ecosystem. SG-Forge decided to launch the digital asset in response to the growing demand for a new settlement asset for on-chain transactions. Other benefits of stablecoin include the activation of new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions, the firm said.

The EUR CoinVertible stablecoin complies with major market standards, including the open-source interoperability and securitization framework known as Compliant Architecture for Security Token, or CAST, SG-Forge noted. The firm stressed that it will ensure “complete segregation” of the collateral assets backing the value of the stablecoins from the issuer and will provide daily transparency reports and collateral positions.

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