French Banking Giant Societe Generale Introduces EURCV Stablecoin for Institutional Investor
SG-FORGE, the cryptocurrency arm of Société Générale, one of the largest banks in France, has announced the launch of the EUR CoinVertible, an institutional stablecoin issued on the Ethereum blockchain and backed by the euro
The stablecoin's smart contract source code is licensed under the open-source Apache 2.0 license, and it is dedicated to institutional clients meeting regulatory compliance requirements applied by the French bank, specifically Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
The stablecoin is called EUR CoinVertible and will be traded under the ticker symbol EURCV. It will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues, according to Cointelegraph. The move was prompted by the growing demand for a “new settlement asset for on-chain transactions”, and is designed to “bridge the gap between traditional capital markets and the digital assets ecosystem”.
The EURCV stablecoin has been developed in line with the upcoming European digital assets regulations known as the Markets in Crypto-Assets (MiCA) framework, and complies with major market standards.
Societe Generale has been actively exploring cryptocurrency and blockchain-related services over the past few years. “The launch of EURCV stablecoin marks a major milestone in SG-FORGE's roadmap, which aims to offer innovative solutions to its financial institution, corporate, and crypto asset industry clients, and to facilitate the emergence of new market infrastructures based on blockchain technology," said Jean-Marc Stenger the head of SG-FORGE in a statement shared with Coins.fr.
The firm also said it will ensure “complete segregation” of the collateral assets backing the value of the stablecoins from the issuer, a well as provide transparency reports and collateral positions on a daily basis. Clients will be able to see the number of EUR CoinVertible in circulation, as well as the value and composition of the reserve assets, on the company's website.
SG-Forge plans to list its digital coin on several reputable exchange platforms over the next few months.
