Societe Generale’s crypto arm – SG Forge – has announced the launch of a stablecoin pegged to the euro on Ethereum, dubbed EUR CoinVertible.
The latest offering will be accessible to only those institutional investors qualified on the basis of Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
According to the official press release, EUR CoinVertible is based on the Ethereum blockchain and will be traded under the ticker symbol EURCV.
The asset aims to bridge the gap between traditional capital markets and digital assets. It is being touted as the first public blockchain stablecoin issued by a subsidiary of a global systemically important bank (G-SIB).
SG-Forge said that EUR CoinVertible has been designed to cater to the increasing client needs, such as settlement assets for on-chain transactions, a solution for corporate treasury. Other focus areas include cash management, cash pooling activities, on-chain liquidity funding, and refinancing solutions, as well as for the purpose of intra-day liquidity needs.
The Paris-based bank’s crypto unit further highlighted that EUR CoinVertible is fully in line with banking, legal and regulatory standards. This includes the open-source interoperability and securitization framework of Compliant Architecture for Security Token (CAST). The stablecoin has been audited by the professional services network PwC.
Commenting on the latest offering, Jean-Marc Stenger, Chief Executive Officer at SG-FORGE stated,
“This issuance is a major step in Societe Generale-FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”
The latest development comes in the backdrop of Europe Union lawmakers voting in favor of a new crypto licensing regime – MiCA.
This essentially makes the EU the first major jurisdiction in the world to roll out a comprehensive crypto law. The new rules for the industry, which will cover the 27-country bloc, are expected to come into effect over the next two years.
The post Societe Generale’s Crypto Arm Unveils Euro Stablecoin on Ethereum appeared first on CryptoPotato.
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]