SocGen’s Own Stablecoin Set to Debut Trading on Bitstamp Exchange
French banking giant Societe Generale is listing its stablecoin, dubbed EUR CoinVertible, on the Luxembourg-based Bitstamp crypto exchange.
EUR CoinVertible will be fully backed by Euros and issued on the Ethereum public blockchain, SocGen said in a release.
The stablecoin debut by a traditional financial giant marks a significant shift, offering access to digital tokens tracking the price of hard currencies.
The listing will be under Societe Generale Group’s subsidiary SG-FORGE, licensed as a digital asset service provider (DASP).
“With this listing, SG-FORGE offers the opportunity to the crypto ecosystem to diversify its positions and gain access to a robust, stable asset built on Societe Generale’s regulatory and structuring expertise,” says Jean-Marc Stenger, CEO of SG-FORGE.
The French lender’s token would challenge the existing stablecoin dominance, predominantly denominated in US dollars.
Stenger told Financial Times in an interview that 90% of stablecoins are pegged to USD and stressed that the bank finds a place in the field of Euro-denominated stablecoin.
He also hopes that SocGen’s stablecoin will settle trades in digital bonds, funds and other assets. While other financial giants like JPMorgan have their own stablecoin – JPM Coin – pegged to USD, Societe Generale’s EUR CoinVertible will be available widely for trading.
“The best way to channel [investors’] interest is to grow in the usual route and venue which you use in the crypto industry, which is to have your product listed on a crypto exchange.”
Stenger confirmed that SocGen’s stablecoin – EURCV – aligns with the EU’s flagship Markets in Crypto Assets (MiCA) regulation.
EU introduced MiCA in September 2020, to creating a comprehensive framework for cryptoasset
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