SG Forge, the cryptocurrency arm of Societe Generale, has launched a euro-pegged stablecoin on Ethereum. SG Forge claims to be the first such asset to be deployed on a public blockchain.
The EUR CoinVertible (EURCV) is offered to institutional investors as a means of bridging the gap between traditional capital markets and cryptocurrencies, the crypto arm of a major Paris-based bank said on Thursday. said on its website on May 20.
SG Forge says it addresses growing customer demand for a robust settlement asset and on-chain liquidity funding and refinancing vehicle for on-chain transactions.
JP Morgan’s in-house stablecoin “JPM coin”, a major US bank, has been used as a payment token between financial institutions since 2020, but it is traded on the bank’s network “Onyx” instead of a public blockchain. ing.
Société Générale’s cryptocurrency division received registration to provide cryptocurrency trading and custody services from France’s Monetary Authority (AMF) in September last year, boosting the momentum of cryptocurrency adoption by institutional investors in France. indicates that
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Societe Generale’s Crypto Division Introduces Euro Stablecoin on Ethereum