French banking and financial services company Societe Generaleannounced that it will issue an Ethereum-based stablecoin through its private digital asset arm.
Societe Generale announced on April 20 that it will launch its euro-backed stablecoin targeting institutional customers. EUR CoinVertiblethe abbreviation for the stablecoin that will be named EURCV will be. The new digital asset will only be available to investors that Societe Generale has accepted through existing Know Your Customer and Anti-Money Laundering procedures.
Developed in Compliance with MiCA Framework
Making a statement on the subject, CEO of Societe Generale-Forge Jean-Marc Stenger“In the coming weeks, Societe Generale-Forge will assess potential customers’ interest and respond to their questions for gradual adoption.”
Expected to be released, this stablecoin will only be available to institutional-qualified investors through eligible market platforms, including crypto trading platforms. According to the statements, EURCV was designed to bridge the gap between traditional capital markets and the digital assets ecosystem. SG-Forgedecided to launch the digital asset in response to the growing demand for a new settlement asset for on-chain transactions.
The benefits of EURCV include enabling new solutions for corporate treasury, cash management, cash pooling activities, on-chain liquidity funding and refinancing.
Also EURCV, Crypto Asset Markets or MiCAIt was developed in accordance with European digital asset regulations, also known as the framework for digital assets.
Societe Generale, one of the largest banks in France, has been interested in cryptocurrency and blockchain technology for the past few years. The company launched custody services for crypto fund managers through its Security Services subsidiary in September 2022.
