The euro-pegged stablecoin will be the first of its kind in the region and will be available to the bank’s customer base for trading use.
Société Générale, France’s third-largest bank, has debuted its native euro-pegged stablecoin, making it one of the first European banking giants to venture into the stablecoin market.
The EUR CoinVertible (EURCV) stablecoin will debut on the Luxembourg-based Bitstamp crypto exchange, the Financial Times reported. EURCV will be fully backed by the euro, allowing bank customers to participate in the digital asset market. The asset will be available to a broad customer base and can be used for trading.
Jean-Marc Stenger, the CEO of Société Générale Forge, stated that the new stablecoin highlights the bank’s role in the evolving crypto domain and stressed the necessity for a stablecoin denominated in euro.