Societe Generale’s Euro-pegged stablecoin launches on Ethereum

Key takeaways

  • Society General has launched its Euro-pegged stablecoin on the Ethereum network. 

  • The stablecoin, EURCV, is available to investors onboarded by Societe Generale.

  • The stablecoin is designed to bridge the gap between traditional capital markets and the digital assets ecosystem.

Societe Generale launches its stablecoin

Societe Generale, a major French banking and financial services firm, will launch its Euro-pegged stablecoin on the Ethereum blockchain. The bank will launch the stablecoin via its dedicated digital asset arm.

According to the bank, the stablecoin will be called EUR CoinVertible (EURCV) and will be available to institutional clients starting today, April 20th. 

Societe Generale added that the stablecoin would only be available to investors onboarded via its existing Know Your Customer and Anti-Money Laundering procedures.

While commenting on this latest cryptocurrency news, Societe Generale-Forge CEO, Jean-Marc Stenger, said;

“In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption. The token will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues.”

EURCV to bridge the gap between the two major markets

Societe Generale commented that the EURCV is designed to bridge the gap between the digital asset space and the traditional financial markets. 

The bank said it is launching the stablecoin due to the rising demand for a new settlement asset for on-chain transactions. With the stablecoin, Societe Generale will also be able to activate new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions.

Stenger revealed that the EURCV smart contract has already been audited by the professional services network PwC. The bank added that the stablecoin was developed in accordance with the upcoming European digital assets regulations known as the Markets in Crypto-Assets framework. 

The stablecoin ecosystem has been gaining attention from regulatory agencies in recent months. Last month, the chairman of the United States Commodity Futures Trading Commission (CFTC) said Ether and stablecoins are commodities

SG-Forge CEO is confident that stablecoins built under a banking-grade structure could boost the trust and confidence in the cryptocurrency ecosystem. He concluded that;

“This issuance is a major step in SG-Forge’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain.”

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