Société Générale launches its EUR stablecoin:
- Société Générale launches EUR CoinVertible, a euro-backed stablecoin.
- This stablecoin aims to expand the bank’s clients’ access to digital assets.
- Société Générale’s stablecoin is now available for trading on Bitstamp.
Société Générale launches its own stablecoin
French bank Société Générale has officially announced the launch of its own stablecoin backed by the euro, named EUR CoinVertible (EURCV), becoming one of the first “major banks” to enter the stablecoin market.
Société Générale’s stablecoin listed on Bitstamp
This stablecoin, which will be listed on Luxembourg-based exchange Bitstamp, is fully backed by euros, giving its clients the opportunity to venture into digital assets in a highly regulated manner.
Société Générale’s CEO, Jean-Marc Stenger, emphasizes the significance of this stablecoin in the bank’s evolution in the cryptocurrency field, highlighting the need for a EUR stablecoin in a market dominated by USD-backed stablecoins.
“The crypto ecosystem is heavily concentrated on a few existing stablecoins, predominantly denominated in US dollars… we definitely believe there is a place for a bank in this space and there is a place for a stablecoin [denominated] in euros.”
– states Société Générale’s CEO
Société Générale, a leader in cryptographic activities in France?
The EURCV distinguishes itself through its intended use to facilitate transactions involving “digital bonds, funds, and other assets as traditional financial institutions explore digital ledgers.”
The introduction of EURCV by Société Générale could be a significant development for the European financial landscape. This comes after the bank’s active involvement in the cryptocurrency universe over the past few years, including obtaining a prominent license from the AMF in July.