Societe Generale’s crypto arm SG Forge has announced the launch of a euro-pegged stablecoin on Ethereum, dubbed EUR CoinVertible.
Only qualified institutional investors based on Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures will be eligible for the latest offer.
The EURCV stablecoin
According to the official Press releaseEUR CoinVertible is based on the Ethereum blockchain and will trade under the ticker symbol EURCV.
The asset aims to bridge the gap between traditional capital markets and digital assets. It is touted as the first public blockchain stablecoin issued by a subsidiary of a Global Systemically Important Bank (G-SIB).
SG-Forge said that EUR CoinVertible has been designed to meet the growing needs of clients, as settlement assets for on-chain transactions, a solution for corporate treasury. Other focus areas include cash management, cash pooling activities, on-chain liquidity funding and rollover solutions, as well as for intraday liquidity needs.
The Paris-based bank’s crypto unit further highlighted that EUR CoinVertible is fully in line with banking, legal and regulatory standards. This includes the open source Compliant Architecture for Security Token (CAST) security and interoperability framework. The stablecoin has been audited by the PwC professional services network.
Commenting on the latest offer, Jean-Marc Stenger, CEO of SG-FORGE, stated:
“This issuance is an important step in Societe Generale-FORGE’s roadmap to offer innovative solutions to its clients, be they real money institutions and corporations or entities in the crypto industry, and to facilitate the emergence of new market infrastructures based in blockchain technology.
MiCA delayed again
The latest development occurs in the context of the legislators of the European Union. vote in favor of a new cryptographic license regime: MiCA.
Essentially, this makes the EU the first major jurisdiction in the world to implement a comprehensive crypto law. The new rules for the industry, which will cover the 27-country bloc, are expected to take effect in the next two years.
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