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French bank Societe Generale, which has assets of over €2.7 trillion, has launched a euro-based stablecoin called EUR CoinVertible.
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Societe Generale is the first bank in the world to issue a fiat-backed stablecoin. The bank makes it available to a wide audience. EUR CoinVertible is now trading on Bitstamp, a cryptocurrency exchange based in Luxembourg, and is also notable for its compliance with the MiCA regulations.
EUR CoinVertible is a fully collateralized stablecoin, which means that it is backed by a reserve of euro-denominated assets. The reserve is held by Societe Generale and is managed by its subsidiary, Societe Generale-FORGE.
Jean-Marc Stenger, CEO of Forge, the bank’s digital assets unit, said that a euro-backed stablecoin was an element that was missing in the cryptocurrency world. He said, “The cryptocurrency ecosystem is largely based on dollar-pegged stablecoins. As a company, we believe that there is a place for a bank and a stablecoin for the euro in this space. To attract the interest of cryptocurrency investors, it is necessary to follow familiar paths. This also includes listing that coin on an exchange.”
Stenger also stressed that EUR CoinVertible is compliant with the MiCA standards and that there are very few stablecoins with this feature. He said: “We believe that EUR CoinVertible is a unique product that meets the needs of both consumers and businesses. It is a safe and reliable way to store and transfer euros in the digital world.”
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