Societe Generale’s euro stablecoin, the EUR CoinVertible, has started trading on Bitstamp, making it the first euro stablecoin issued by a fully regulated bank to be available on a cryptocurrency exchange. The EURCV stablecoin, developed by Societe Generale FORGE, is an Ethereum-based token that aims to bridge traditional capital markets and digital assets for the bank’s institutional clients.
Backed by cash and cash equivalents denominated in EUR, the EURCV stablecoin provides a low-volatility cryptocurrency that maintains a stable value equal to the Euro. It has already been used by AXA IM to purchase tokenized green bonds worth 5 million EUR. The listing on Bitstamp allows retail traders to access the stablecoin, challenging the dominance of USD-backed stablecoins like Tether and Circle’s USDC.
In addition to the listing, Flowdesk, a crypto market maker, has been chosen to provide liquidity and active market-making for the EURCV stablecoin on Bitstamp and other crypto exchanges. Initially, deposits and withdrawals of EURCV will be available only to select whitelisted investors, with existing KYC and AML compliance procedures in place.
While the EURCV is not the first Euro stablecoin, it is the first stablecoin to have the backing of a major regulated European bank. The Brazilian National Social Development Bank issued a Brazilian Real-backed stablecoin in 2018, and Tether and Circle have also launched stablecoins pegged to the Euro recently.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇫🇷 🇧🇷 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Guilhem Chaumont, Jean Baptiste-Graftieaux |
| Companies | Societe Generale, Flowdesk, AXA IM, SG-FORGE, Bitstamp |
| Currencies | USDC, Tether, Euro |
| Securities | None |
