Société Générale is breaking new ground by listing its own stablecoin on the cryptocurrency exchange.
France’s third largest bank, EUR CoinVertible It lists its stablecoin on the Luxembourg-based crypto exchange Bitstamp today.
According to the statement made by Société Générale, stablecoin is completely backed by euro.
Jean-Marc Stenger, manager of the bank’s digital asset unit Forge, said: “The crypto ecosystem is concentrated in a few stablecoins, 90% of which are denominated in US dollars… we think there is definitely room for a bank in this space and there is room for a euro-denominated stablecoin.” said.
Other banking giants like JPMorgan also have their own stablecoins. However, the coin issued by Société Générale will be available to the masses.
According to the bank’s statement, EUR CoinVertible is a member of MiCA, which is prepared by the European Union to regulate cryptocurrencies. properly was designed. stenger, “very few stablecoins are compatible with MiCA” he stated.
It was reported that the stablecoin is “available to anyone who wants it, whether for operations on (the bank’s) platform or on other platforms.”
The bank hopes the stablecoin will be used in transactions of digital bonds, funds and other assets.