Forge, the regulated cryptocurrency arm of French banking firm Societe Generale, plans to launch a new euro stablecoin called “CoinVertible” on the Ethereum blockchain.

According to officials, the investment bank aims to bridge the gap between traditional capital markets and the digital asset ecosystem through the launch of euro-pegged stablecoins. announcement.

According to SG-Forge, the Euro stablecoin, which trades under the ticker symbol EURCV, is limited to investors who have gone through Societe Generale’s Know Your Customer (KYC) and anti-money laundering procedures.

According to Forge CEO Jean-Marc Stenger, stablecoins are a key element in building trust and confidence in the native crypto ecosystem. He added:

“This issuance is a major step in the roadmap of the Societe Generale-FORGE, offering innovative solutions to clients such as real-world financial institutions, corporations and entities in the cryptocurrency industry and creating new markets based on blockchain technology. It facilitates the emergence of infrastructure.”

The company also emphasized that stablecoins offer other benefits, such as enabling the implementation of new solutions for corporate finance, cash management, and cash pooling activities.

SG-Forge’s New Euro Stablecoin Listed on Exchanges

The Euro stablecoin will be listed on exchanges and third-party platforms in the coming months.

SG-Forge emphasized that EUR CoinVertible complies with important market regulations including CAST, an open source framework for interoperability and securitization.

The company stressed that it would ensure complete separation of the assets used to guarantee the value of the stablecoin from the issuer. In addition, SG-Forge provides daily transparency reports, providing details on collateral positions.

In September 2022, Societe Generale’s crypto department will Authorization Offers cryptocurrency trading and custody services from Autorité des Marchés Financiers (AMF), the French financial market regulator.

Société Générale’s crypto division, which will launch its euro-pegged stablecoin, first appeared on CryptoSlate.

By Jules

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