The EUR Stablecoin

Societe Generale's crypto division, SG Forge, has launched a stablecoin called "EUR CoinVertible" on the Ethereum blockchain. The euro-pegged stablecoin is aimed at bridging the gap between traditional capital markets and digital assets, addressing the increasing demand for a robust settlement asset for on-chain transactions, on-chain liquidity funding and refinancing, and intra-day liquidity needs.

EUR CoinVertible will be traded under the ticker symbol EURCV and exclusively offered to institutional clients who have undergone Societe Generale's Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. It is the first public blockchain stablecoin issued by a subsidiary of a global systemically important bank (G-SIB).

According to SG Forge, stablecoins are a key element in increasing trust and confidence in the native crypto ecosystem. They also provide other advantages such as enabling fresh solutions for corporate treasury, cash management, and cash pooling activities.

The stablecoin adheres to significant market regulations, including the Interoperability and Securitization Framework of Compliance Architecture for Security Tokens (CAST), and is fully compliant with banking, legal, and regulatory standards. It has been audited by PwC, and SG Forge guarantees the complete separation of the assets used to secure the stablecoin's value from the issuer.

The launch of EUR CoinVertible is a major step towards providing innovative solutions for real-money institutions and corporates, entities of the crypto industry, and new market infrastructure based on blockchain technology. SG Forge emphasizes the importance of meeting the growing needs of customers for settlement assets for on-chain transactions, solutions for corporate treasuries, cash management, cash pooling activities, on-chain liquidity funding and refinancing solutions, and intra-day liquidity needs.

SG Forge obtained registration from France's Autorité des Marchés Financiers (AMF) in September 2022 to offer cryptocurrency trading and custody services, a sign of the gathering momentum of institutional adoption of digital assets in France. The Euro stablecoin will be listed on exchanges and third-party platforms in the coming months, offering institutional clients a robust settlement asset that bridges the gap between traditional capital markets and digital assets.networks.