Societe Generale, the third largest bank in France, is preparing to launch a new stablecoin called EUR CoinVertible (EURCV) on the Bitstamp cryptocurrency exchange in Luxembourg. According to a report in the Financial Times on December 6th, EURCV is already listed on Bitstamp, but trading has not yet begun.
EURCV is an Ethereum-based stablecoin that aims to maintain a 1:1 ratio with the euro. It will be fully backed by cash reserves and high-quality securities, allowing Societe Generale customers to access digital asset markets. Etherscan data shows that EURCV has a maximum supply of 10.5 million, with the majority currently held in an unnamed cryptocurrency wallet.
Societe Generale’s move reflects the increasing trend of major financial institutions entering the cryptocurrency industry. This comes after PayPal launched a USD-backed stablecoin and SBI Holdings signed an agreement to promote circulation of the stablecoin USD Coin.
CEO Jean-Marc Stenger of Societe Generale expressed positivity about EURCV, suggesting that it could be used for settling trades of digital bonds, funds, and other assets. He emphasized that EURCV adheres more closely to EU regulations than rival stablecoins. The design of EURCV focuses on seamless integration with different financial platforms and services.
Stenger also highlighted the safety measures of EURCV, such as collateralization and third-party management, which aim to minimize risk for token holders. The launch builds on Societe Generale’s existing adoption of blockchain technology, including a recent €10 million digital green bond issuance.
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