May 29, 2024
Societe Generale's Breakthrough in Euro Stablecoin Trading
Latest Cryptocurrency News

Societe Generale Launches EURCV on Bitstamp

Societe Generale’s euro stablecoin, EUR Coinvertible (EURCV), has commenced trading on Bitstamp, a European cryptocurrency exchange. Developed by SG Forge, the French bank’s crypto division, the Ethereum-based stablecoin aims to facilitate connections between institutional clients and both traditional capital markets and digital assets. Recently, AXA IM, the asset management wing of AXA Insurance, utilized the stablecoin to purchase 5 million euros ($5.4 million) in tokenized green bonds.

Bitstamp’s listing of EURCV extends accessibility to retail traders and signifies the first instance of a euro stablecoin, issued by a fully regulated bank, being available on a cryptocurrency exchange. The stablecoin market is typically led by crypto-native entities such as Tether and Circle, whose USDT and USDC are pegged to the U.S. dollar. Regarding EURCV’s listing on Bitstamp, Jean Baptiste-Graftieaux, CEO of the exchange, stated, “It’s the next step in building markets beyond the current dominance of USD-backed stablecoins.”

Flowdesk, a French crypto financial services firm, announced its appointment as the market maker by SocGen on Tuesday.

Image by freepik

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