• Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin on the Ethereum blockchain.
• The stablecoin, EURCV, is designed to bridge the gap between traditional capital markets and the digital assets ecosystem.
• The EURCV smart contract has already been audited by the professional services network PwC.
Societe Generale Launches Stablecoin
Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin on the Ethereum network. The stablecoin will be called EUR CoinVertible (EURCV) and will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues.
Purpose of Stablecoin
The purpose of this stablecoin is to bridge the gap between traditional capital markets and the digital assets ecosystem. It also aims to activate new solutions for corporate treasury cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions.
Audit Process
The EURCV smart contract was developed in accordance with upcoming European digital assets regulations known as Markets in Crypto-Assets framework (MiCA). It was also audited by the professional services network PwC before launch.
Onboarding Process
The stablecoin is only available to investors onboarded via existing Know Your Customer (KYC) and Anti-Money Laundering procedures by Societe Generale. According to Jean-Marc Stenger, CEO of Societe Generale-Forge “In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption”.
Conclusion
With this launch of its Euro-pegged stablecoin on Ethereum network, Societe Generale aims to bridge the gap between traditional capital markets and digital asset space while activating new solutions for corporate treasury cash management activities.
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