Societe Generale FORGE, a subsidiary of the French banking group Societe Generale, has announced the launch of EUR CoinVertible (EURCV), a stablecoin tied to the Euro and issued on the Ethereum blockchain. EURCV is an ERC20 token designed to provide a low volatility cryptocurrency that maintains a stable value equivalent to the Euro. The stablecoin is backed by cash deposits and cash equivalents denominated in EUR.
Societe Generale has stated that robust legal structures are in place to ensure the segregation and availability of reserve assets to token holders. Crypto exchange Bitstamp is opening order books for the EURCV/USDT and EURCV/EUR trading pairs, with Flowdesk selected as the market maker to provide liquidity and active market-making for EURCV on Bitstamp and other exchanges.
Initially, EURCV deposits and withdrawals will only be enabled for investors whitelisted by Societe Generale, with the bank’s existing KYC and AML compliance procedures applying to onboarding digital token holders. EURCV is the first Euro stablecoin to have the backing of a major regulated European bank, distinguishing it from other stablecoins in the market.
This launch follows Societe Generale’s recent issuance of a €100 million digital green bond on the Ethereum blockchain, which was fully subscribed to by institutional asset managers AXA and Generali. The bank’s foray into blockchain-based operations signals a transformative impact on the financial industry, with compliant blockchain-based operations by institutions expected to increase in volume in the coming years.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇫🇷 🇧🇷 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Guilhem Chaumont |
| Companies | Societe Generale, Bitstamp, FORGE, Brazilian National Social Development Bank, Flowdesk |
| Currencies | Euro, Tether |
| Securities | None |
