March 29, 2024

Societe Generale launches EURCV-pegged stablecoin

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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 new stablecoin is designed for qualified institutional investors who have passed all the necessary verification procedures (AML and KYC).EURCV is released on the Ethereum blockchain and is designed to be a bridge between traditional markets and the digital asset ecosystem.

"In the coming weeks, SG-Forge will assess the interest of potential customers and the prospects of the stablecoin, and then they willthe issues of gradual implementation of EUR CoinVertible have been resolved," explains the CEOJean-Marc Stenger.

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

SG-Forge management assures:the stablecoin is fully backed and the collateral assets will be completely isolated and segregated. The consulting firm PwC conducted an audit of EUR CoinVertible smart contracts, and the stablecoin itself was built according to CAST standards.

“The release of EURCV was a big step towardsSG-Forge to your goal. We strive to provide innovative solutions to clients, whether they are traditional financial institutions and corporations, or companies from the crypto industry. We hope to facilitate the emergence of new market infrastructures based on blockchain,” promises Stenger.

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