Societe Generale Launches Euro-pegged Stablecoin on Ethereum

• Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin, EUR CoinVertible (EURCV), on the Ethereum blockchain.
• The stablecoin is available to institutional clients onboarded by Societe Generale and is designed to bridge the gap between traditional capital markets and the digital assets ecosystem.
• EURCV has been audited by professional services network PwC and developed in accordance with upcoming European digital assets regulations known as the Markets in Crypto-Assets framework.

Societe Generale Launches Euro-pegged Stablecoin

Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin, EUR CoinVertible (EURCV), on the Ethereum blockchain. The stablecoin is available to institutional clients onboarded by Societe Generale and is designed to bridge the gap between traditional capital markets and the digital assets ecosystem.

Availability of Stablecoin

The stablecoin will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues. To ensure compliance with relevant regulations, it will only be available to investors that have passed Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

EURCV Audited By PwC

Jean-Marc Stenger, CEO of Societe Generale-Forge revealed that the EURCV smart contract has already been audited by professional services network PwC. According to him; “In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption.“

European Digital Assets Regulations Framework

The bank commented that the stablecoin was developed in accordance with upcoming European digital assets regulations known as Markets in Crypto Assets framework (MiCA). These regulations are aimed at providing legal certainty for cryptocurrency users in Europe while preserving investor protection standards similar to those applicable for other asset classes.

New Solutions For Corporate Treasury

With this new offering, Societe General will also be able to activate new solutions for corporate treasury, cash management & cash pooling activities as well as on chain liquidity funding & refinancing solutions.