Society Generale, the third-largest bank in France, has entered the stablecoin market by launching its euro-pegged stablecoin, EUR CoinVertible (EURCV). This move positions Société Générale as one of the pioneering European banking giants to embrace stablecoins. The new stablecoin, fully backed by the euro, will be available for trading on the Bitstamp crypto exchange and open to the bank’s extensive customer base.
Jean-Marc Stenger, CEO of Société Générale Forge, emphasized the significance of introducing a stablecoin denominated in euro, highlighting the bank’s commitment to adapting to the evolving crypto landscape. Stenger stressed that EURCV’s development focused on facilitating trades involving digital bonds, funds, and various assets. Notably, the stablecoin’s utility extends beyond Société Générale’s platform, allowing integration across diverse financial service providers.
In a notable use case, Axa Investment Managers utilized EURCV to invest in Société Générale’s digital green bond, valued at 10 million euros (approximately $11 million) with a three-year maturity.
Société Générale’s entry into the euro-pegged stablecoin market holds significance for the European financial landscape, especially as the European Union’s Markets in Crypto-Assets Regulation is set to take effect in 2024. Despite this move being a major development, Société Générale has been actively engaged in the crypto domain, offering crypto exposure to its customers for several years. In July, Société Générale Forge, the bank’s crypto subsidiary, secured the highest access license for providing crypto services in France.