Pegged to the Euro, the stablecoin was released by the French bank Societe Generale subsidiary for specific institutional clients and named EUR CoinVertible.
A new stablecoin named EUR CoinVertible (EURCV) has made its way to the crypto community after the subsidiary of the French bank, Societe Generale, launched it. Specific institutional investors would be allowed to access it that have gone through various Know Your Customer and Anti-Money Laundering processes.
The stablecoin will be built on the Ethereum blockchain and will be traded under the symbol EURCV. In the upcoming weeks, Societe Generale-Forge will be taking in queries from interested clients and solving their questions to understand the market better and help increase adoption. Crypto trading avenues and other market platforms would be eligible for the stablecoin to be traded in.
“This issuance is a major step in SG-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,” said Jean-Marc Stenger, the CEO of SG-Forge.
Aiming to be a link between the digital asset ecosystem and traditional capital markets, SG-Forge would cater to the increasing demand for a settlement digital asset for on-chain transactions through the stablecoin. It includes other functionalities such as on-chain liquidity funding, cash management and pooling activities, refinancing solutions and corporate treasury.
As far as compliance is concerned, the EUR CoinVertible would comply under rules such as the upcoming Markets in Crypto-Assets (MiCA). PwC will audit its smart contract, while the law firm White and Chase will be its legal advisor. It will follow the Compliant Architecture for Security Token (CSAT), as claimed by Societe Generale-Forge.