Societe Generale – FORGE launches CoinVertible (EURCV), its own euro-backed stablecoin


FORGE, the division of Société Générale dedicated to digital assets, has just announced the launch of CoinVertible (EURCV), a stablecoin on the Ethereum (ETH) blockchain. This is a significant step for the bank, which once again shows its interest in the crypto-asset sector.

https://cryptoast.fr/feed/

Société Générale – FORGE lance CoinVertible (EURCV), son propre stablecoin adossé à l’euro

Societe Generale – FORGE launches a euro stablecoin on Ethereum

Baptized “ CoinVertible » (EURCV), Societe Generale’s stablecoin – FORGE is currently intended for institutional clients. According to the company, it is a first bridge between the crypto ecosystem and traditional finance:

The approach aims to contribute to bringing traditional financial markets closer to the ecosystem of digital assets by basing on the CAST open source interoperability standard. »

The company’s statement focuses on the regulatory aspect, at a time when stablecoins are closely scrutinized by regulators – especially in Europe. The Societe Generale – FORGE stablecoin is therefore a “digital asset», as defined in article L. 4-10-1 of the Monetary and Financial Code, that meets strict reserve criteria with in particular a total segregation of the assets used to back the EURCV.

Access to the EURCV is also restricted: only institutional investors who “meet the requirements of regulatory compliance applied by the Societe Generale group (KYC/LCB-FT)“. A whitepaper will also be published, and the smart contract code will be available under an open source license.

? To go further – Stablecoin, all about this type of cryptocurrency

The best way to secure your cryptocurrencies ?

? Buy, trade, grow and manage over 5,500 cryptos

Bringing legitimacy to the cryptocurrency sector?

For Jean-Marc Stenger, CEO of Societe Generale – FORGE, the banking sector can bring legitimacy to stablecoins:

Digital assets with stabilization mechanisms – i.e. “stablecoins” – based on robust bank-level structuring will be key to increase trust in crypto ecosystems.»

Societe Generale – FORGE intends to collaborate with “reputable crypto-asset exchanges», in order to list the EURCV soon.

This is far from being Societe Generale’s first foray into the sector. Its Forge Division has conducted several tests in recent years, in order to understand and adapt solutions from the blockchain. The bank, which is one of the few financial institutions to look into the subject so publicly, notably made a first DeFi transaction on MakerDAO last January.

Euro stablecoins are struggling to spread in the crypto ecosystem:the most important are often developed in the United States , and not in Europe. The arrival of a weighty institution such as Société Générale in the field is therefore a major development. So far, the hegemony of dollar stablecoins is overwhelming, but these types of signals show that a place may be emerging for other types of fiat-anchored cryptocurrencies.

? Listen to this article and all other crypto news on Spotify

Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.

toaster icon

Source: Societe Generale, press release

Newsletter ?

Receive a summary of crypto news every Monday by email ?

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations.There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.

To go further, read our Financial Situation, Media Transparency and Legal Notices pages.



Source link -95