Société Générale, one of France’s largest banks, has entered the stablecoin market with the launch of its native euro-pegged stablecoin, EUR CoinVertible (EURCV). This move makes Société Générale one of the first major European banks to venture into the stablecoin space. EURCV will be fully backed by the euro, allowing bank customers to participate in the digital asset market and use the stablecoin for trading.
The CEO of Société Générale Forge, Jean-Marc Stenger, emphasized the bank’s role in the evolving crypto domain and the need for a stablecoin denominated in euro. He highlighted that EURCV has been specifically developed for settling trades involving digital bonds, funds, and various assets, and can be embraced by different financial service providers beyond Société Générale’s platform.
While the stablecoin market is currently dominated by US dollar-pegged stablecoins like Tether (USDT) and Circle’s USD Coin (USDC), Société Générale’s entry into the euro-pegged stablecoin market is seen as a significant development for the European landscape. It is worth noting that the European Union’s Markets in Crypto-Assets Regulation is set to come into force in 2024, further highlighting the importance of this move.
Société Générale is not new to the crypto domain and has been actively offering crypto exposure to its customer base for years. In fact, its crypto subsidiary, Forge, obtained the highest access license for providing crypto services in France, making it the first company to do so.
In a notable use case, Axa Investment Managers used EURCV to invest in Société Générale’s digital green bond, which has a value of 10 million euros and a maturity of three years.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇫🇷 🇱🇺 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jean-Marc Stenger |
| Companies | Axa Investment Managers, Tether, Société Générale, Bitstamp, Circle |
| Currencies | US Dollar, Euro, Tether |
| Securities | None |
