SocGen’s crypto unit debuts euro-pegged stablecoin
The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange
Hadrian/Shutterstock modified by Blockworks
Societe Generale is debuting its stablecoin on Bitstamp Wednesday.
France’s third largest bank originally unveiled EUR CoinVertible — developed by its crypto division, SG Forge — back in April. It’s the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange.
EURCV is issued on the Ethereum blockchain.
“With this listing, SG-FORGE offers the opportunity to the crypto ecosystem to diversify its positions and gain access to a robust, stable asset built on Societe Generale’s regulatory and structuring expertise. This is an important step towards widespread adoption of our stablecoin,” said Jean-Marc Stenger, SG-FORGE CEO, in a press release.
When the stablecoin was announced back in April, SocGen’s crypto unit touted it as a way to let institutional investors manage their cash flow in a different way and bridge gaps between traditional markets and the emerging digital asset class.
The Bitstamp listing allows retail traders to access EURCV.
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“Stablecoins bridge the gap between traditional fiat currencies and cryptocurrencies — offering the best of both worlds due to their stability and on-chain feature set — whilst also supporting our goal of increased financial inclusion,” Bitstamp CEO Jean-Baptiste Graftieaux said.
EURCV joins Tether and Circle’s USDC, though the latter two currently dominate the stablecoin market. Stenger told the Financial Times that the French bank is hopeful that there’s a “place” for a euro-pegged stablecoin.
The stablecoin announcement comes just days after SocGen said it issued its first green bond on the Ethereum blockchain. The transaction, which took place in late November, amounted to 10 million euros or roughly $10.8 million. It has a three year maturity.
The bank previously expressed interest in the digital asset space through its crypto arm, FORGE.
The FORGE team secured a license to operate as a digital asset service provider in France back in July, though it initially registered as a digital asset custodian with the French stock market regulator in 2022.
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