Banking network Societe Generale’s crypto arm just announced the launch of a EUR-backed stablecoin called EUR CoinVertible.
SG-FORGE launches EUR CoinVertible
Banking networks are increasingly speedily adopting crypto assets. The latest in the process is Societe Generale Bank.
Based on incoming reports, Societe Generale Group, through its crypto arm SG-FORGE, just launched a EUR-backed stablecoin based on the Ethereum blockchain.
The network announced the launch of the stablecoin called EUR CoinVertible, with the ticker symbol EURCV. Based on the release, this coin is supposed to maintain a stable value.
SG-FORGE claims that the launch of the stablecoin is part of their 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 tech.
Furthermore, Societe General Bank claims to continue offering 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 crypto trading and custody services.
“Digital assets with stabilisation mechanisms – i.e., stablecoins – built under a robust banking-grade structure will be a key element to increase trust and 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 emergence of modern market infrastructures leveraging blockchain tech.
It will provide a robust settlement asset for those completing on-chain transactions. Moreover, it will offer liquidity financing and refinancing solutions. Finally, it will sort the intra-day liquidity requirements among other solutions.
First public institutional stablecoin?
This is not the first banking giant to launch an in-house stablecoin. In 2020, JP Morgan launched JPM Coin, which continues to function. This token would help in settlements between financial institutions.
Based on reports, JPM Coin does not trade on a public blockchain but instead uses the internal Onyx network of the bank.
In its announcement, Societe Generale mentioned that they are the first to issue such institutional assets on a public blockchain.
