Societe Generale Launches Ethereum-Based Euro Stablecoin
Societe Generale , more commonly referred to as SocGen , recently introduced a stablecoin pegged to the Euro . The France-based multi-national financial services company’s digital asset wing, SG Forge, announced that the asset “EUR CoinVertible” will maintain a stable value and it will be traded under the ticker code: EURCV. Revealing the network on which the project is based, SG Forge’s announcement noted, “EUR CoinVertible is deployed in Euro denomination on the Ethereum public blockchain.” According to SG Forge, this is the first institutional stablecoin to be deployed on a public network. The stablecoin intends to foster robust settlements for on-chain transactions and provide on-chain liquidity funding and refinancing solutions. Alongside, it also deems to be an “innovative solution” for corporate treasury, cash management, and cash pooling activities. EURCV will be offered to institutional clients and help them bridge the gap between traditional capital markets and digital as...