Societe Generale the digital asset arm of the French banking and financial services firm, has announced the launch of a stablecoin.
The stablecoin is available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues, following the Know Your Customer and Anti-Money Laundering procedures of Societe Generale.
The new digital asset will be traded under the ticker symbol EURCV. The token complies with major market standards, including the Compliant Architecture for Security Token (CAST), and has been developed in line with the upcoming European digital assets regulations known as the Markets in Crypto-Assets (MiCA) framework.
SG-Forge decided to launch the EUR CoinVertible stablecoin in response to the growing demand for a new settlement asset for on-chain transactions.
The firm expects the stablecoin to bridge the gap between traditional capital markets and the digital assets ecosystem. Additionally, the stablecoin will provide new solutions for corporate treasury, cash management, and cash pooling activities, on-chain liquidity funding and refinancing solutions.
The EURCV stablecoin is built under a banking-grade structure to increase trust and confidence in the native crypto ecosystem, according to SG-Forge CEO Jean-Marc Stenger.
The stablecoin’s smart contract has been audited by the professional services network PwC, while the law firm White & Case has advised SG-Forge on issuing the stablecoin.
The role of the fiduciary is provided by Equitis Gestion, a private equity firm regulated by the French financial regulator, the Autorité des Marchés Financiers. SG-Forge will ensure the “complete segregation” of the collateral assets backing the value of the stablecoins from the issuer and provide daily transparency reports and collateral positions.
Societe Generale has been progressing with cryptocurrency and blockchain-related services over the past few years. In September 2022, the company launched custodial services for crypto fund managers through its Security Services subsidiary. The firm has also been actively experimenting with issuing security tokens on blockchain like Tezos.
Societe Generale Stablecoin
In conclusion, the launch of EUR CoinVertible is a major step in SG-Forge’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain.
The new stablecoin aims to bridge the gap between traditional capital markets and the digital assets ecosystem and provide new solutions for corporate treasury, cash management, and cash pooling activities, on-chain liquidity funding, and refinancing solutions.
The stablecoin complies with major market standards, including CAST, and has been developed in line with the upcoming European digital assets regulations known as the MiCA framework.