Societe Generale Launches Euro-Pegged Stablecoin on Ethereum
• Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin on the Ethereum blockchain.
• The stablecoin (EURCV) is available to institutional investors through eligible market platforms, including crypto trading venues.
• The EURCV was designed to bridge the gap between traditional capital markets and the digital assets ecosystem.
Societe Generale Launches Euro-Pegged Stablecoin
Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin on the Ethereum network. The stablecoin, called EUR CoinVertible (EURCV), is available to institutional clients onboarded by Societe Generale via existing Know Your Customer and Anti-Money Laundering procedures.
Purpose of EURCV
The purpose of EURCV is to bridge the gap between traditional capital markets and the digital assets ecosystem. With it, Societe Generale will be able to activate new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions.
Jean-Marc Stenger, CEO of Societe Generale-Forge commented that “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 Smart Contract Audit
The bank also revealed that the EURCV smart contract had been audited by professional services network PwC in accordance with upcoming European digital asset regulations known as Markets in Crypto Assets framework (MiCA).
Societe General’s new Euro-pegged stablecoin provides an easy way for institutions interested in investing in digital assets but who are unable or unwilling to work with cryptocurrency exchanges directly due to regulatory concerns or lack of expertise.