Societe Generale’s crypto arm to launch Euro-pegged stablecoin

Forge — a regulated crypto arm of the French banking firm Societe Generale — is set to launch a new euro stablecoin called “CoinVertible” on the Ethereum blockchain.

The investment bank aims to bridge the gap between traditional capital markets and the digital assets ecosystem through the launch of the euro-pegged stablecoin, according to the official announcement.

According to SG-Forge, the euro stablecoin — which will be traded under the ticker symbol EURCV — will be exclusive to investors who have undergone Societe Generale’s Know Your Customer (KYC) and Anti-Money Laundering procedures.

According to Jean-Marc Stenger, CEO at Forge, stablecoins are a key element to increasing trust and confidence in the native crypto ecosystem. He added that:

“This issuance is a major step in Societe Generale-FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”

The company also highlighted that stablecoins provide other advantages — such as enabling the implementation of fresh solutions for corporate treasury, cash management, and cash pooling activities.

SG-Forge’s new Euro stablecoin to be listed on exchanges

The Euro stablecoin will be listed on exchanges and third-party platforms in the coming months.

SG-Forge highlighted that the EUR CoinVertible adheres to significant market regulations, including CAST — an open-source framework for interoperability and securitization.

The company emphasized that they will guarantee the complete separation of the assets used to secure the stablecoin’s value from the issuer. Moreover, SG-Forge will furnish daily transparency reports and provide details about the collateral positions.

In September 2022, Societe Generale’s crypto division received authorization from France’s financial markets regulator — Autorité des Marchés Financiers (AMF) — to provide cryptocurrency trading and custody services.

The post Societe Generale’s crypto arm to launch Euro-pegged stablecoin appeared first on CryptoSlate.

Credit: Source link