Updated: Jun 8
- Announcement of EUR CoinVertible (EURCV)
Societe Generale-Forge (SG-Forge), is a subsidiary of the French Banking firm Societe Generale. The subsidiary has launched EUR Coinvertible, a Euro-backed Stablecoin for qualified institutional clients.
Leveraging on Ethereum's security the stablecoin is traded under the ticker EURCV. The brand-new asset is only catered to investors onboarded after the heavy screening of Know-Your Customer & Anti-Money Laundering procedures.
CEO of SG-Forge disclosed that in the coming weeks, they will assess interest from prospective clients and answer queries on gradual adoption. The token will be made exclusively available for qualified investors through regulated market platforms including crypto trading venues.
EUR CoinVertible (EURCV), will be offered to institutional clients as a way to connect traditional capital markets and digital assets. SG Forge disclosed that this decision to create and offer Euro-pegged stablecoin arose to meet the client's demand for a strong on-chain settlement on a public ledger. Such transparent transaction capability is required to meet the needs of On-chain liquidity funding and refinancing. The firm said other benefits of the stablecoin include the activation of new solutions for corporate treasury, cash management and cash pooling activities.
The stablecoin was created in line with major market standards. Which includes open-source interoperability and securitization framework known as Compliant Architecture for Security Token, or CAST. The firm emphasized “complete segregation” of the collateral assets backing the value of the stablecoins from the issuer. It also promised to provide daily transparency reports and collateral positions.
In September 2022 the firm's Security Services Subsidiary launched custodial services for crypto fund managers. The firm has also been experimenting issuance of tokens via the Tezos blockchain.
Crawley, J. (2023) Societe Generale's Crypto Division introduces Euro Stablecoin on Ethereum, CoinDesk Latest Headlines RSS. CoinDesk. Available at: https://www.coindesk.com/business/2023/04/20/societe-generales-crypto-division-introduces-euro-stablecoin-on-ethereum/ (Accessed: April 21, 2023).
Partz, H. (2023) Societe Generale subsidiary launches Euro-Pegged Stablecoin on Ethereum, Cointelegraph. Cointelegraph. Available at: https://cointelegraph.com/news/societe-generale-launches-euro-pegged-stablecoin-on-ethereum (Accessed: April 21, 2023).