Stablecoin: Societe Generale Subsidiary Roll Out Euro-Pegged Stablecoin

Jimmy Aki
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French banking and financial prodigy Societe Generale-Forge has announced the launch of a euro-pegged stablecoin deployed on the Ethereum network.

EUR CoinVertible: A Bridging Gap Between Traditional Capital Markets and Digital Assets

Societe Generale-Forge (SG-Forge), a renowned French-based banking firm, announced today the launch of $EURCV, a stablecoin pegged to the EURO to create a simplified pathway between conventional capital markets and the entire cryptocurrency ecosystem.

As detailed in the official release, $EURCV is based on the Ethereum blockchain, making it the first euro-pegged stablecoin launched on the public network.

SG-Forge digital assets subsidiary had obtained legal approval from France’s securities regulator, Autorité des Marchés Financiers (AMF), to create and distribute crypto trading services and custody since October 2022.

The crypto firm provides issuers and investors the capabilities to manage digital assets deployed on the blockchain.

The financial firm iterated that the new stablecoin will be available only to investors who complete a unique Know Your Customer (KYC) and Anti-Money Laundering (AML) verifications geared towards mitigating fraud and mismanagement.

Jean-Marc, the CEO of SG-Forge, addressed the public via Cointelegraph, citing that in a few weeks, the banking and financial firm will access interests from qualified clients and provide detailed answers to a series of questions amidst the quest for gradual adoption.

The $EURCV stablecoin will be exclusively accessible to institutional investors who have passed the KYC and AML through eligible market platforms, including crypto exchanges.

The goal behind creating the stable token is to proffer solutions for the reliable settlement of assets for on-chain transactions, cash management, inflation management, cash pooling, and a series of corporate treasury activities.

Additionally, $EURVC asserts to address the surging demand for on-chain liquidity financing and refinancing solutions.

The $EURCV stablecoin will adhere to major market standards ranging from open-source interoperability to complain architecture for a security token.

SG-Forge asserts to maintain complete segregation of collateral assets that back the stablecoin from the issuer and will leverage the Ethereum blockchain to offer optimal transparency reports and collateral positions.

Being one of France’s largest financial and investment banks, SG-Forge has grown exponentially within the cryptocurrency and blockchain industries, offering impeccable services over the past few years.

In September 2022, the innovative firm launched a dynamic custodial service platform for crypto fund managers through its Security Service sector.

There’ve also been reports of the firm actively experimenting with issuing digital assets on blockchains such as Tezos.

Since its legal approval from AMF, sixty start-ups have been launched by Societe Generale’s global crypto-based program as it continues to soar.

Growing Number of Stablecoins Anchored to Euro

EUR CoinVertible ($EURCV) joins a small list of Euro-pegged stablecoins. Most stablecoins in the crypto market are designed to maintain a 1:1 peg with the U.S. dollar, the global reserve currency.

Last year, Circle, the renowned peer-to-peer (P2P) money transfer technological company behind the USD Coin (USDC) stablecoin, announced the launch of Euro Coin ($EUROC).

$EUROC is the first stablecoin backed by the Euro fiat currency and was listed on Coinbase early this year.

Coinbase placed an “experimental asset” tag to give insights to prospective traders.

Although considered an anti-inflation store of value and a secure payment option, stablecoins have been severely scrutinized over the past year.

The colossal crash of TerraUSD ($UST), an algorithmic-pegged stablecoin in 2022, has etched a bad narrative on the potential longevity of stablecoins and the entirety of the crypto market.

Nonetheless, the crypto analyst believes stablecoins are needed as a versatile counteraction against crypto volatility.

However, there’s been a general agreement towards a more balanced framework for all stablecoins to avoid the repetition of TerraUSD feats.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.