• Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin on the Ethereum blockchain.
• The stablecoin, EURCV, is available to investors onboarded by Societe Generale and designed to bridge the gap between traditional capital markets and the digital asset ecosystem.
• PwC has audited the smart contract of this stablecoin which was developed in line with upcoming European digital assets regulations known as Markets in Crypto-Assets framework.
Societe Generale Launches Euro-Pegged Stablecoin
Societe Generale, a major French banking and financial services firm, will launch its Euro-pegged stablecoin on the Ethereum blockchain. The bank will launch the stablecoin via its dedicated digital asset arm under the name EUR CoinVertible (EURCV). It will be available to institutional clients starting today, April 20th and only accessible to investors onboarded through existing Know Your Customer and Anti-Money Laundering procedures.
Stablecoin Designed To Bridge Traditional & Digital Asset Markets
The EURCV is designed to bridge the gap between traditional capital markets and the digital assets ecosystem. This new settlement asset is meant for on-chain transactions as well as corporate treasury activities such as cash management and cash pooling solutions, on-chain liquidity funding and refinancing solutions.
Smart Contract Audited By PwC
The EURCV smart contract has already been audited by professional services network PwC. The development of this stablecoin was done in accordance with upcoming European digital assets regulations known as Markets in Crypto-Assets framework.
Gradual Adoption Of Stablecoins
Societe Generale’s Jean-Marc Stenger commented that over time they will assess interest from prospective clients for gradual adoption of their token available exclusively through eligible market platforms including crypto trading venues.
The launch of Societe Generale’s Euro pegged stablecoin shows an increasing demand for a new settlement asset for on chain transactions bridging traditional capital markets with digital assets ecosystem. It is being made available only after thorough audit conducted by PwC and follows European standards associated with crypto assets regulations.