Third largest French bank launches stablecoin

EUR CoinVertible is the name of the new stablecoin from SG-Forge, a regulated subsidiary of the French Société Générale group that specializes in digital assets. The new coin with the tick identifier EURCV is based on the Ethereum blockchain and is linked to the euro. The company shared this in one press release from April 20 with. With the new product, the financial service provider wants to close the “gap between the traditional capital markets and the ecosystem of digital assets”. Access to the EUR CoinVertible is limited to institutional investors accepted by the Société Générale group as part of its existing compliance mechanisms (procedures to verify customer identity and combat money laundering).

EU regulations taken into account

The new stablecoin is part of Société Générale’s strategy to develop digital asset initiatives in a “secure and transparent framework for institutional investors” that is “fully compliant with banking and regulatory standards”. The EUR CoinVertible is also aligned with the upcoming European Digital Asset Regulations (MiCA).

In addition, the company assures the “full separation” of the stablecoin’s collateral from the issuer. In order to generate as many users as possible, SG-Forge announced that it would work with “reputable exchanges” for digital assets and “trusted third-party platforms”.

Jean-Marc Stenger, Chief Executive Officer at SG-FORGE, said: “Digital assets with stabilization mechanisms – i.e. stablecoins – built under a robust, bank-grade structure will be a key element in instilling confidence in the native crypto ecosystem increase”. Digital assets designed in accordance with an applicable regulatory framework can contribute to the adoption of cryptocurrencies. Institutional investors’ fears of contact with the crypto sector are being reduced. Further details on the conception of the EUR CoinVertible can be found in the official white paper.

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