• Societe Generale, a major French banking and financial services firm has announced the launch of its Euro-pegged stablecoin on the Ethereum network.
• The stablecoin called EUR CoinVertible (EURCV) will be available to institutional clients onboarded by Societe Generale.
• The bank is launching the EURCV to bridge the gap between the digital asset space and the traditional capital markets.
Societe Generale Launches Euro-pegged Stablecoin
Societe Generale, a major French banking and financial services firm has announced the launch of its Euro-pegged stablecoin, EUR CoinVertible (EURCV), on the Ethereum blockchain. The token is available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues.
Available to Institutional Clients Onboarded By Societe Generale
The stablecoin will only be available to investors onboarded via existing Know Your Customer and Anti-Money Laundering procedures. According to Jean-Marc Stenger, CEO of Societe Generale–Forge, “In the weeks to come, Societe Generale–Forge will assess the interest from prospective clients and respond to their questions for gradual adoption.“
Designed To Bridge Gap Between Digital Asset Space And Traditional Markets
The bank stated that it is launching EURCV in order to bridge the gap between traditional capital markets and digital assets ecosystem. It added that with this stablecoin it will also be able to activate new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions.
Smart Contract Audited By PwC
The bank revealed that its smart contract for EURCV has been audited by professional services network PwC ahead of its launch. Furthermore, the development process was done in accordance with upcoming European digital asset regulations known as Markets in Crypto-Assets framework.
Societe Generale’s Euro-pegged stablecoin provides an alternative settlement asset for on-chain transactions that bridges two major markets – traditional capital markets and digital assets space – thus helping expand both realms of finance.