France's Societe Generale Launches EUR CoinVertible, a Euro-Pegged Stablecoin

By: Isha Das

France's third-largest bank, Societe Generale, has introduced its native, euro-pegged stablecoin, EUR CoinVertible (EURCV), marking its entry into the stablecoin market. This pioneering move makes it one of the first European banking giants to venture into the stablecoin realm. EURCV was developed with a focus on its usage in settling trades involving digital bonds, funds, and an array of assets, aiming at offering the bank's customers broad access to the proliferating digital asset market.

Listed on Luxembourg-based Bitstamp crypto exchange, the trading of EURCV has not commenced as of press time. As per the data from Etherscan, the stablecoin commands a maximum total supply of 10.5 million, with Bitstamp in possession of 500 thousand units across two wallets. An unmarked address holds the balance of 10 million. There are strong indications that the new stablecoin complies strictly with the EU's MiCA regulations.

Recently, Societe Generale issued its inaugural digital green bond worth 10 million Euros, which utilizes blockchain technology to enhance transparency and traceability. The CEO of Societe Generale, Jean-Marc Stenger, expressed his optimism for the prospects of the launch, stressing the absence of risk exposure for token holders due to the asset being collateralized and held in a trust managed by a third party. Its design also prioritizes seamless integration with various financial services platforms.

Once dominated by USD-pegged stablecoins like Tether and Circle's USD Coin, the introduction of EUR CoinVertible injects diversity into the private crypto stablecoin market, enriching the spectrum of offerings. This announcement comes as part of the bank's continuous embracing of blockchain technology for its operations.