Societe Generale’s Unit Unveils EURCV Stablecoin On Ethereum Blockchain
In the crypto industry, stablecoins have emerged as a popular alternative to volatile cryptocurrencies like Bitcoin and Ethereum. With a fixed value pegged to a stable asset like the US dollar, stablecoins offer the stability many investors crave.
A Societe Generale subsidiary, Forge, has launched its stablecoin, the EURCV, pegged to the euro. The EURCV stablecoin, built on the Ethereum blockchain, makes it easily accessible to investors globally.
However, the stablecoin is only available to qualified institutional investors authorized by Societe Generale via its AML and KYC procedures.
SG-Forge Launches A Stablecoin Pegged To The Euro
The announcement revealed that the stablecoin is built on the Ethereum blockchain and will be identified by the ticker symbol EURCV. Only Societe Generale’s investors, who have completed the company’s Know Your Customer and Anti-Money Laundering procedures, can access this new digital asset.
According to Jean-Marc Stenger, the CEO of SG-Forge, the company will evaluate potential clients’ interest levels and address their inquiries for a gradual implementation in the upcoming weeks. The token will only be accessible to qualified institutional investors through eligible market platforms or specified cryptocurrency exchanges.
The EURCV stablecoin aims to connect the conventional financial markets with the world of digital assets. SG-Forge decided to introduce this form of digital currency due to the increasing demand for a new financial settlement asset, particularly for on-chain transactions.
Furthermore, this stablecoin can enhance corporate treasury activities, cash management, and pooling activities by offering new solutions to financial settlements and transactions. The stablecoin also facilitates on-chain liquidity funding and refinancing solutions, according to the firm’s official statement.
According to SG-Forge, the EUR CoinVertible stablecoin adheres to effective market regulations, such as the Compliant Architecture for Security Token (CAST), an open-source interoperability and securitization framework. The company emphasized that it will guarantee the complete separation of the assets that support the stablecoin’s value from the issuer.
Also, it will provide regular reports on transparency and collateral positions daily. Furthermore, Stingerr confirmed that PwC, a professional and experienced audit firm, has conducted an audit on the EUR CoinVertible smart contract.
The law firm White & Case has guided SG-Forge to issue the stablecoin. Equitis Gestion, a private equity firm regulated by the French financial regulator the Autorité des Marchés Financiers, is responsible for providing fiduciary services for this initiative.
The stablecoin has been created with the forthcoming release of the European digital assets regulations, also known as the Markets in Crypto-Assets (MiCA) framework.
Banking-Grade Stablecoins Will Revolutionize Trust in Crypto – SG-Forge CEO
The CEO of SG-Forge believes that stablecoins developed using a banking-grade structure have immense potential to boost trust and confidence in the crypto ecosystem. He added that this issuance is a significant milestone in SG-Forge’s journey to provide its clients with innovative FinTech solutions and assist in creating new market infrastructures based on blockchain technology.
These clients could be either real-money institutions and corporates or entities of the crypto industry. Societe Generale, a leading bank in France, has been making advancements in cryptocurrency and blockchain-related services in recent years.
In September 2022, the bank’s Security Services subsidiary introduced custodial services for crypto fund managers. Additionally, the company has been actively exploring blockchain technology, such as issuing security tokens on the Tezos blockchain.
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