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SocGen’s Own Stablecoin Set to Debut Trading on Bitstamp Exchange

French banking giant Societe Generale is set to list its stablecoin, named EUR CoinVertible, on the Bitstamp crypto exchange based in Luxembourg. The stablecoin will be fully backed by Euros and will be issued on the Ethereum public blockchain, according to Societe Generale. This move signifies a noteworthy shift, with a traditional financial institution entering the stablecoin space, providing access to digital tokens pegged to the value of fiat currencies.

The listing will occur through Societe Generale Group’s subsidiary, SG-FORGE, which is licensed as a digital asset service provider (DASP). Jean-Marc Stenger, CEO of SG-FORGE, notes that the listing presents an opportunity for the crypto ecosystem to diversify its positions and gain access to a stable asset built on Societe Generale’s regulatory and structuring expertise.

Societe Generale’s stablecoin, EUR CoinVertible, is positioned to challenge the prevailing dominance of stablecoins predominantly denominated in US dollars. According to Jean-Marc Stenger, CEO of SG-FORGE, the subsidiary overseeing the stablecoin, approximately 90% of stablecoins are pegged to the USD. Societe Generale aims to carve a niche in the Euro-denominated stablecoin market.

Stenger expressed hopes that EUR CoinVertible will facilitate settlements in digital bonds, funds, and other assets. While financial giants like JPMorgan have their stablecoin, JPM Coin, pegged to the USD, Societe Generale’s EUR CoinVertible is intended to be widely available for trading, offering an alternative to the dominance of USD-denominated stablecoins.

Stenger emphasized that listing the stablecoin on a crypto exchange is a strategic move to channel investor interest, providing a familiar avenue for engagement within the crypto industry.

Compliance with MiCA

Jean-Marc Stenger confirmed that Societe Generale’s stablecoin, EURCV, aligns with the EU’s Markets in Crypto Assets (MiCA) regulation. The MiCA regulation, introduced in September 2020, aims to establish a comprehensive framework for cryptoasset service providers and token issuers within the European Union. Stenger emphasized that only “very few stablecoins are compliant with MiCA.”

The launch of the stablecoin on Bitstamp follows Societe Generale’s recent issuance of its first digital green bond on the Ethereum blockchain network. The bond, valued at 10 million euros and with a three-year maturity, is another significant move by the bank into the digital assets and blockchain space.

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