Societe Generale's digital subsidiary announces the launch of a stablecoin
Societe Generale's digital subsidiary has announced the launch of EUR CoinVertible stablecoin
The new digital asset will only be available to the group's institutional customers
Digital services provider and Societe Generale subsidiary, SG Forge, has announced the launch of a EUR CoinVertible (EURCV) exchange rate-linked stablecoin for institutional clients.
The company envisions the coin to become a reliable means of settlement, it will enable new solutions in corporate treasury, and cash management and will be used to provide liquidity on the network.
SG Forge emphasizes that the system provides "full segregation" of the collateral assets supporting the value of EUR CoinVertible from the issuer of the tokens, and will update daily information about the reserves on the company's website.
This is not the first Stablecoin to be issued with the support of a major bank. In early April, Brazilian investment bank BTG Pactual announced the launch of the BTG Dol, a U.S. dollar-linked stablecoin. In Japan, banks are also considering issuing stablecoins, so far it is a matter of testing.
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