Societe Generale, one of the largest French banking and financial services companies, recently announced the launch of EUR CoinVertible, a euro-backed stablecoin on Ethereum. A stablecoin is a digital asset designed to minimise price volatility while allowing seamless transfer of digital funds. By introducing the EUR CoinVertible stablecoin, SG-Forge is hoping to bridge the gap between traditional capital markets and the digital asset ecosystem.

The stablecoin has been developed in line with the upcoming European digital asset regulations known as the Markets in Crypto-Assets (MiCA) framework. It also complies with major market standards, such as the open-source interoperability and securitization framework called Compliant Architecture for Security Token (CAST). On top of that, the company’s stablecoin has been audited by the professional service network PwC and legally advised by the law firm White & Case.

The EUR CoinVertible stablecoin will be available exclusively to institutional and qualified investors who have gone through the Know Your Customer and Anti-Money Laundering procedures. The token will be traded under the ticker symbol EURCV and will only be available through eligible market platforms, including crypto trading venues.

In response to the growing demand for a new settlement asset for on-chain transactions, the EUR CoinVertible will allow investors to benefit from a range of solutions, such as corporate treasury, cash management, cash pooling activities, on-chain liquidity funding and refinancing. To ensure full segregation of the collateralized assets and to provide transparency, the firm will offer daily transparency reports and collateral positions.

The potential of stablecoins built under a banking-grade structure is likely to increase the trust and confidence of the native crypto ecosystem. In the weeks to come, SG-Forge will assess the interest and response of prospective clients to gradually adopt the new digital asset. As the crypto space matures and the demand for reliable digital assets continues to rise, it is quite likely that more companies would follow in the footsteps of Societe Generale.



Other News from Today