The crypto arm of the Societe Generale banking network has just announced the launch of a EUR-backed stablecoin called EUR CoinVertible.
SG-FORGE Launches EUR CoinVertible
Banking networks are increasingly adopting crypto assets. Last in the process is Societe Generale Bank.
based on entrees reportsSociete Generale Group, through its crypto arm SG-FORGE, has just launched a EUR-backed stablecoin based on the Ethereum blockchain.
The network announced the launch of the stablecoin called EUR CoinVertible, with the symbol EURCV. As per the release, this coin is supposed to maintain a stable value.
SG-FORGE claims that the launch of the stablecoin is part of its business plan to offer institutional clients a more technologically innovative cash management option. EUR CoinVertible will bridge digital assets and traditional markets by leveraging blockchain technology.
In addition, Societe General Bank claims to continue to offer more transparent systems for institutional investors while aligning with regulations. In fact, for that reason, Societe Generale acquired a license from the French Financial Markets Authority (AMF) in 2022 to offer cryptocurrency trading and custody services.
“Digital assets with stabilization mechanisms, i.e. stablecoins, built under a strong bank-grade structure will be a key element in increasing confidence in the native crypto ecosystem.”
Jean-Marc Stenger, CEO of SG-FORGE.
Based on Stenger, by issuing the stablecoin, SG-FORGE now facilitates the rise of modern market infrastructures that leverage blockchain technology.
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It will provide a strong settlement asset for those completing on-chain transactions. In addition, it will offer liquidity financing and refinancing solutions. Finally, it will order the intraday liquidity requirements among other solutions.
First public institutional stablecoin?
This is not the first banking giant to launch an internal stablecoin. In 2020 JP Morgan launched JPM Coin which is still running. This token would help in agreements between financial institutions.
JPM Coin is reportedly not listed on a public blockchain, instead using the bank’s internal Onyx network.
In their announcement, Societe Generale mentioned that they are the first to issue such institutional assets on a public blockchain.
