Banking networks are increasingly speedily adopting crypto assets. The latest in the process is Societe Generale Bank.
Societe Generale Group, through its crypto arm SG-FORGE, just launched a EUR-backed stablecoin based on the Ethereum blockchain.
The network announced the launch of the stablecoin called EUR CoinVertible, with the ticker symbol EURCV. Based on the release, this coin is supposed to maintain a stable value.
SG-FORGE claims that the launch of the stablecoin is part of their business plan to offer institutional clients a more technologically innovative cash management option. EUR CoinVertible will bridge digital assets and traditional markets by leveraging blockchain tech.
Societe General Bank claims to continue offering more transparent systems for institutional investors while aligning with regulations. In fact, for that reason, Societe Generale acquired a license from the French Financial Markets Authority (AMF) in 2022 to offer crypto trading and custody services
This is not the first banking giant to launch an in-house stablecoin. In 2020, JP Morgan launched JPM Coin, which continues to function. This token would help in settlements between financial institutions.
JPM Coin does not trade on a public blockchain but instead uses the internal Onyx network of the bank. In its announcement, Societe Generale mentioned that they are the first to issue such institutional assets on a public blockchain.