- Societe General’s crypto division has launched a Euro-pegged stablecoin on Ethereum.
- The EURCV stablecoin will only be available to accredited investors after mandatory KYC and AML formalities.
- The new stablecoin will address the increasing demand from clients for an on-chain settlement asset.
Societe Generale-Forge (SG Forge), the crypto-focused arm of French financial services giant Societe Generale, has unveiled a stablecoin pegged to Euro. The new stablecoin, Euro CoinVertible, has been deployed on the Ethereum public blockchain and will be traded under the ticker symbol EURCV.
According to a press release from SG Forge earlier today, EURCV has reportedly been developed in accordance with the French legal framework for digital assets, along with the flexibility to adapt to the upcoming European digital assets regulations including MiCAR and Pilot Regime.
The new stablecoin will be available to SG Forge’s institutional clients as a robust settlement asset for their on-chain transactions. The firm has marketed EURCV as an innovative solution for corporate treasury, cash management, and cash pooling activities. Other potential uses include on-chain liquidity funding and refinancing solutions.
EUR CoinVertible will have stringent and predefined collateral eligibility criteria. The stablecoin boasts a secure legal structure that will ensure the segregation of collateral assets held to back its value. EURCV will only be available to SG Forge’s accredited investors after mandatory KYC and AML formalities.
In a statement, SG Forge’s CEO Jean-Marc Stenger said, “This issuance is a major step in Societe Generale–FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”
In the coming months, SG Forge will work with digital asset exchanges to have its EURVC stablecoin listed. This will help its institutional investors gain exposure to the new product. The stablecoin’s smart contract has been audited by London-based accounting giant PricewaterhouseCoopers (PwC).