Societe Generale, a major French banking and financial services firm, is launching an Ethereum-based stablecoin through its dedicated digital asset arm.
Societe Generale-Forge (SG-Forge) announced the launch of EUR CoinVertible, the euro-pegged stablecoin targeting institutional clients, on April 20.
The EUR CoinVertible stablecoin will be traded under the ticker symbol EURCV. The new digital asset will be only available to investors onboarded by Societe Generale through its existing Know Your Customer and Anti-Money Laundering procedures.
“In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption,” SG-Forge CEO Jean-Marc Stenger told Cointelegraph. The token will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues.
The EURCV stablecoin is designed to bridge the gap between traditional capital markets and the digital assets ecosystem. SG-Forge decided to launch the digital asset in response to the growing demand for a new settlement asset for on-chain transactions. Other benefits of stablecoin include the activation of new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions, the firm said.
The EUR CoinVertible stablecoin complies with major market standards, including the open-source interoperability and securitization framework known as Compliant Architecture for Security Token, or CAST, SG-Forge noted. The firm stressed that it will ensure “complete segregation” of the collateral assets backing the value of the stablecoins from the issuer and will provide daily transparency reports and collateral positions.
Stenger said the EUR CoinVertible smart contract has been audited by the professional services network PwC. For issuing the stablecoin, SG-Forge has been advised by the law firm White & Case. The role of the…
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