Societe Generale Launches Euro Stablecoin on Bitstamp
Societe Generale has listed its euro stablecoin, the EUR CoinVertible, on the European cryptocurrency exchange Bitstamp. This is the first time a euro stablecoin issued by a regulated bank is available for trading on a crypto exchange.
The EURCV Stablecoin by Societe Generale FORGE
The EURCV is an Ethereum-based stablecoin developed by Societe Generale FORGE, a subsidiary of Societe Generale. It allows the bank’s institutional clients to bridge traditional capital markets and digital assets. Bitstamp heralded the listing in a recent blog post.
EURCV: A Low-Volatility Stablecoin
The EURCV stablecoin is an ERC-20 token backed by cash and cash equivalents denominated in EUR. It maintains a stable value equal to the Euro, providing a low-volatility cryptocurrency. AXA IM, the asset management arm of AXA, also used the stablecoin to purchase tokenized green bonds.
Expanding Stablecoin Options
The listing on Bitstamp allows retail traders to access the stablecoin, marking the first time a euro stablecoin by a regulated financial institution is available on a crypto exchange. Currently, stablecoins are dominated by USD-backed options. Jean Baptiste-Graftieaux, Bitstamp’s CEO, believes EURCV’s listing signals a new era of building markets beyond USD-backed stablecoins.
Flowdesk Selected for Liquidity Provision
Flowdesk, a crypto market maker, will provide liquidity and active market-making for the EURCV stablecoin on Bitstamp and other exchanges. Initially, Societe Generale will limit EURCV deposits and withdrawals to whitelisted investors. Flowdesk’s CEO, Guilhem Chaumont, expressed excitement about the partnership and the potential increase in compliant blockchain-based operations.
Not the First Euro Stablecoin
The EURCV is not the first Euro stablecoin, but it is the first to be backed by a major regulated European bank. In 2018, the Brazilian National Social Development Bank issued a stablecoin backed by the Brazilian Real. Tether and Circle have also introduced stablecoins pegged to the Euro in the recent past.
Hot Take: Societe Generale Introduces EUR CoinVertible on Bitstamp
Societe Generale has made waves in the crypto industry by launching the EUR CoinVertible stablecoin on Bitstamp. This move marks a significant milestone as the first euro stablecoin issued by a regulated bank to be listed on a cryptocurrency exchange. With the backing of Societe Generale FORGE, the Ethereum-based stablecoin offers institutional clients a seamless connection between traditional capital markets and digital assets. Furthermore, the partnership with Flowdesk as a market maker ensures liquidity and active trading possibilities for EUR CoinVertible on Bitstamp and other exchanges in the future. This development signals a growing demand for stablecoins beyond the dominance of USD-backed options and reinforces the bank’s commitment to compliant blockchain-based operations.
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