Société Générale Launches Euro-Pegged Stablecoin
Société Générale, one of France’s largest banks, has entered the stablecoin market by launching its own native euro-pegged stablecoin. Known as EUR CoinVertible, this stablecoin is fully backed by the euro and will be available for trading on Bitstamp crypto exchange. The bank aims to provide its customers with access to the digital asset market through this stablecoin.
Stablecoin’s Role in Digital Asset Trading
The CEO of Société Générale Forge, Jean-Marc Stenger, emphasized the importance of a stablecoin denominated in euros. While the stablecoin market is dominated by USD-pegged stablecoins like Tether and Circle, Stenger believes that their stablecoin will have a broad range of applications beyond the bank’s platform. It can be used for settling trades involving digital bonds, funds, and other assets across various financial service providers.
Use Case: Axa Investment Managers’ Investment in Digital Green Bond
Axa Investment Managers utilized Société Générale’s EUR CoinVertible stablecoin to invest €10 million ($11 million) in the bank’s digital green bond. This move showcases the potential impact of the bank’s entry into the euro-pegged stablecoin market.
European Landscape and MiCA Regulation
Société Générale’s venture into the euro-pegged stablecoin market holds significance for Europe, especially with the upcoming MiCA regulation of the European Union. This move positions the bank at the forefront of crypto offerings within the region.
Société Générale’s Crypto Involvement
Société Générale has been actively involved in providing crypto exposure to its customers for years. In July, its crypto subsidiary, Forge, became the first company to obtain the highest access license for offering crypto services in France.
Hot Take: Société Générale Expands Crypto Offering with Euro-Pegged Stablecoin
Société Générale’s introduction of EUR CoinVertible, an euro-pegged stablecoin, marks a significant milestone in the European banking industry. By entering the stablecoin market, the bank aims to provide its customers with greater access to the digital asset market. With a focus on settling trades involving various assets, this stablecoin has the potential to be embraced by different financial service providers beyond Société Générale’s platform. This move comes at a crucial time as Europe prepares for the implementation of MiCA regulation. Overall, Société Générale’s involvement in cryptocurrencies continues to expand and solidify its position as a leader in the crypto domain.
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