Société Générale, one of the largest banks in France, will launch the EURCV euro stablecoin on a prominent crypto exchange, making it easier to trade.
Months back, the Société Générale bank in France deployed the stablecoin EUR CoinVertible (EURCV) on the Ethereum blockchain. The event in April 2023 marked a landmark moment in the stablecoin market worldwide, with a major bank foraying into it. The stablecoin, pegged to the euro, will now launch in a crypto exchange. The development has marked significant progress for the euro stablecoin.
A report from a leading daily stated that Société Générale had become the first bank to launch its stablecoin on a trading platform. The exchange listing will help the euro stablecoin gain exposure to many users and help in crypto adoption.
A senior official of the bank, Jean-Marc Stenger, said, “The crypto ecosystem is highly concentrated on a few existing stablecoins, 90 per cent denominated in US dollars . . . we definitely think that there is a place for a bank in this field and there is a place for a euro [denominated] stablecoin.” He said listing it on a crypto exchange was the best way to gain investors’ interest.
Other banks like JP Morgan have also developed stablecoin but have limited it to institutional clients. Moreover, the EURCV will see its use as a trade-settlement mechanism for assets like digital bonds and funds. Meanwhile, the move by the French bank could also influence other traditional financial institutions to move towards crypto products.
Stenger also mentioned the stablecoin was compliant with the MiCA regulations of Europe. He also pointed towards only a few stablecoins compliant with European crypto regulations. On the other hand, the EURCV has already helped an investment firm invest in a digital green bond.
As tokenization across financial services increases, it could also lead to a higher expansion of crypto adoption worldwide.
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