Societe Generale, a major French banking and financial services firm, is launching an Ethereum (ETH)-based stablecoin through its private crypto asset arm. Here are the details…
Societe Generale issues Ethereum-based stablecoin
Societe Generale-Forge (SG-Forge) announced the launch of EUR CoinVertible, a euro-pegged stablecoin targeting institutional customers, on April 20. The EUR CoinVertible stablecoin will be traded under the symbol EURCV. The new crypto-asset will only be available to investors that Societe Generale has accepted in line with existing Customer Identification and Anti-Money Laundering (KYC-AML) procedures.
“In the coming weeks, Societe Generale-Forge will assess potential customers’ interest and respond to their questions for gradual adoption,” Jean-Marc Stenger, CEO of SG-Forge, said in a statement. The token will only be available to institutional-qualified investors through eligible market platforms, including crypto trading spaces.
Stablecoin complies with necessary regulations
The EURCV stablecoin is designed to bridge the gap between traditional capital markets and the crypto-assets ecosystem. SG-Forge has decided to launch the crypto asset in response to the growing demand for a new settlement asset for on-chain transactions. Other benefits of stablecoin include enabling new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions.
SG-Forge noted that the EUR CoinVertible stablecoin complies with key market standards, including the open-source interoperability and securitization framework known as the Compliant Architecture for Security Token or CAST. The firm stressed that it will ensure “complete separation” of collateral assets that support the value of stablecoins from the issuer and provide daily transparency reports and collateral positions.
Stenger said the EUR CoinVertible smart contract is overseen by professional services network PwC. SG-Forge was consulted by the White & Case law firm for the issuance of the stablecoin. The trustee role is provided by Equitis Gestion, a private equity firm regulated by the French financial regulator Autorité des Marchés Financiers. Moreover, the stablecoin was developed in accordance with the upcoming European crypto-asset regulations known as the Crypto Asset Markets or MiCA framework.
Societe Generale has been working on cryptocurrencies for a while
The SG-Forge CEO believes that stablecoins built under a banking-grade structure have great potential to boost trust in the local crypto ecosystem. “This launch is an important step in SG-Forge’s roadmap to deliver innovative solutions to clients such as real money institutions and companies or organizations in the crypto industry and facilitate the emergence of new blockchain-based market infrastructures,” he said.
Societe Generale, one of France’s largest banks, has been moving forward with cryptocurrency and Blockchain-related services for the past few years. cryptocoin.com As we reported, in September 2022, the company launched custody services for crypto fund managers through its Security Services subsidiary. The firm is also actively experimenting with issuing security tokens on blockchains like Tezos outside of Ethereum (ETH).
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