Société Générale, France’s third largest bank, is launching its own euro-backed stablecoin on the European crypto market. The French banking giant is making its debut as the first major European bank to issue a euro stablecoin.
With this Euro-bound With stablecoin, Société Générale customers can participate in the crypto market. The bank is the first to make its stablecoin EUR CoinVertible (EURCV) available on Bitstamp, a Luxembourg-based crypto exchange.
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The French banking giant is entering the stablecoin market
The French bank uses the digital euro coin to give its customers access to the crypto market. Director Jean-Marc Stenger of Société Générale Forge, the bank’s crypto subsidiary, emphasizes the importance of the EURCV stablecoin.
He states that this proprietary stablecoin strengthens the bank in shaping the future of cryptocurrencies in Europe. According to him, this stablecoin helps promote transaction settlement with digital bonds, funds and various other assets.
Stenger claims that EURCV is also useful for other financial services providers. He says the entire financial sector can use the stablecoin. According to Stenger, more and more people in Europe can use this digital currency pegged to the euro.
The Euro stablecoin offers stability in the European crypto market
The current stablecoin market includes coins such as Tether (USDT) and USD Coin (USDC), which are backed by the US dollar. The EURCV is pegged to the euro. In doing so, the bank underlines its commitment to stability in the volatile European crypto market.
Investment manager Axa Investment Managers, a subsidiary of Axa Group, has already invested in the EURCV stablecoin. The company recently spent 10 million euros on a digital green bond from the bank. This investment shows how the new Euro-backed stablecoin can be used.
The recent developments of Société Générale and the development towards the stablecoin market are important for the European crypto market. With the impending entry into force of Crypto asset markets (MiCA) regulations, the French bank is at the forefront.
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