June 6, 2023

Societe Generale launches EURCV-pegged stablecoin

Article reading time:
2 minutes.

Societe Generale launches EURCV-pegged stablecoin

Societe Generale-Forge (SG-Forge), a division of French banking giant Societe Generale, has launched the EUR CoinVertible stablecoin, pegged to the European currency.

SG-Forge is a regulated company and the newstablecoin is intended for qualified institutional investors who have passed all the necessary verification procedures (AML and KYC). EURCV is released on the Ethereum blockchain and aims to be a bridge between traditional markets and the digital asset ecosystem.

“In the coming weeks, SG-Forge will appreciate the interestpotential customers and prospects for a stablecoin, and then the issues of the gradual introduction of EUR CoinVertible will be resolved,” explains Jean-Marc Stenger, CEO of the company.

The decision to issue the EURCV stablecoin was madedue to the growing demand for a settlement asset for transactions on the Ethereum network. The stablecoin will be used in a variety of corporate wealth management and cash pool operations, digital asset liquidity and refinancing solutions.

SG-Forge management assures:the stablecoin is fully collateralized and the collateral assets will be completely isolated and segregated. Consulting firm PwC has audited EUR CoinVertible smart contracts, and the stablecoin itself is built to CAST standards.

“The release of EURCV was a big step towards SG-Forgeto your goal. We try to provide our customers with innovative solutions, whether they are traditional financial institutions and corporations, or companies from the crypto industry. We hope to contribute to the emergence of new blockchain-based market infrastructures,” Stenger promises.

Earlier it was reported that the Montenegrin government plans to create its own state stablecoin pegged to the euro. The Ripple company should help the authorities of the country with this.