The group Societe Generale, one of the most important companies operating in the banking and financial services sector, announced the launch of a stablecoin based on Ethereum. The issuance of this stablecoin will be carried out by its branch dedicated to digital assets, Societe Generale-Forgeand this stablecoin dubbed EUR CoinVertible will be pegged to the euro and will primarily target institutional clients.
To ensure compliance with current regulations on money laundering (AML, anti money laundering) and know-your-customer (KYC, know your customer), this token will only be available to qualified institutional investors who have complied with the necessary procedures. The characteristics of the token will be as follows:
- A secure legal structure guaranteeing the complete segregation of collateral assets, direct access to collateral assets for token holders, and the implementation of business continuity plan mechanisms in the event of a market or technological event,
- strict and predefined collateral eligibility criteria (minimum rating, liquidity),
- Daily transparency on the value and positions of collateral in EUR CoinVertible, available on the SG-FORGE website,
- A request for a credit rating from a leading independent credit rating agency,
- Interoperability with traditional systems,
- The release of the smart contract source code under the Apache 2.0 open source license.
An initiative that is part of Societe Generale’s strategy in the crypto sector
To ensure that the stablecoin is accessible to as many institutional investors as possible, Societe Generale will work with eligible market platforms, including trusted crypto trading platforms. According to the statements of Marc StengerCEO of Societe Generale-Forge, this stablecoin was designed to bridge the gap between traditional capital markets and the digital asset ecosystem.
It has also been developed to meet the growing needs of customers, particularly in terms of access to a robust settlement asset for transactions. on chainan innovative solution for treasury activities, liquidity financing and refinancing solutions on chain, and solutions for intraday liquidity needs (eg margin calls).
Mr. Stenger also added that stablecoins built on a robust bank-grade structure will be a key element in increasing trust in the crypto ecosystem:
“This issue is a major step in Societe Generale-FORGE’s roadmap to provide innovative solutions to its clients, whether they are institutions and companies using fiat currency or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology”
The EUR CoinVertible smart contract has been audited by the consulting and expertise firm PwC. For the issuance of the stablecoin, SG-Forge was advised by the law firm White & Case. The fiduciary role will be performed by Equitis Managementa capital investment company regulated by theFinancial Markets Authority.
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