Société Générale, one of France’s largest banks, is set to launch a Euro-pegged stablecoin called EUR CoinVertible (EURCV) on the Bitstamp crypto exchange. The stablecoin, built on the Ethereum blockchain, will have its reserves fully backed by cash reserves and high-quality securities. This move by Société Générale reflects the growing trend of traditional financial institutions entering the digital asset market.
EURCV aims to provide bank customers with access to the emerging digital asset market, allowing them to participate in various types of trades, including digital bonds, funds, and diverse assets. The stablecoin has a maximum total supply of 10.5 million, with Bitstamp currently holding 500 thousand units across two wallets.
What sets EURCV apart from its competitors is its adherence to the EU’s MiCA regulations, ensuring compliance and regulatory oversight. The stablecoin is designed to seamlessly integrate with different platforms, enabling efficient functionality across various financial services.
Security is a top priority for Société Générale, as the stablecoin’s assets are collateralized and held in a trust managed by a third party. This mitigates risk exposure for token holders and provides a layer of protection.
This move towards blockchain technology is not new for Société Générale. The bank recently issued its inaugural digital green bond, a €10 million security token on the Ethereum blockchain, to enhance transparency and traceability. The Security Token managed by its SG-FORGE arm received full subscriptions from AXA Investment Managers and Generali Investments.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇫🇷 🇱🇺 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Jean-Marc Stenger |
| Companies | PayPal, SBI Holdings, Société Générale, Bitstamp, Circle |
| Currencies | Ethereum, Euro |
| Securities | None |
