Société Générale, ranking as the third-largest bank in France, has made a significant entry into the stablecoin market with the launch of its own euro-pegged stablecoin, EUR CoinVertible (EURCV). This move positions Société Générale as one of the pioneering European banking institutions in the stablecoin arena.
The EURCV stablecoin is set to make its debut on the Luxembourg-based Bitstamp crypto exchange, as reported by the Financial Times. This stablecoin will be fully backed by the euro, offering Société Générale’s customers a new avenue to engage with the digital asset market. The stablecoin is designed to be accessible to a wide range of customers and is intended for use in various trading activities.
Jean-Marc Stenger, CEO of Société Générale Forge, emphasized that the introduction of EURCV underscores the bank’s active participation in the evolving cryptocurrency sector. He pointed out the importance of having a stablecoin that is denominated in euros, especially considering the current market dominance of U.S. dollar-pegged stablecoins like Tether (USDT) and Circle’s USD Coin (USDC).
Stenger noted that the bank’s foray into the stablecoin market is more than just a novelty. He elaborated that EURCV has been specifically developed for use in settling trades involving digital bonds, funds, and various assets. Its utility is expected to extend beyond the confines of Société Générale’s own platform, making it a versatile tool for different financial service providers.
In a practical application of EURCV, Axa Investment Managers utilized the stablecoin to invest in Société Générale’s digital green bond. This bond, valued at 10 million euros (approximately $11 million), has a three-year maturity.
Société Générale’s venture into the euro-pegged stablecoin market is a potentially transformative development for the European financial landscape. This is particularly relevant in light of the European Union’s upcoming Markets in Crypto-Assets Regulation, which is set to be implemented in 2024.
Société Générale’s involvement in the cryptocurrency sector is not a recent development. The bank has been actively engaged in providing crypto-related services to its customers for several years. In July, its crypto subsidiary, Forge, achieved a milestone by becoming the first entity to receive the highest access license for offering crypto services in France. This move into the stablecoin market is a continuation of Société Générale’s commitment to integrating cryptocurrency into its financial offerings.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up