• Societe Generale has launched its Euro-pegged stablecoin EURCV, on the Ethereum network.
• The stablecoin is available to investors onboarded by Societe Generale and is designed to bridge the gap between traditional capital markets and digital assets ecosystem.
• The launch of EURCV follows the upcoming European digital assets regulations known as Markets in Crypto-Assets framework.
Societe Generale’s Euro-pegged Stablecoin
Societe Generale, a major French banking and financial services firm, has launched its Euro-pegged stablecoin on the Ethereum blockchain. The bank will launch the stablecoin via its dedicated digital asset arm and it will be called EUR CoinVertible (EURCV).
Availability
The stablecoin is available to institutional clients starting today, April 20th. It is only available to investors onboarded via Know Your Customer and Anti-Money Laundering procedures.
Objectives
The stablecoin is designed to bridge the gap between traditional capital markets and digital assets ecosystem. Through this token, Societe Generale will also be able to activate new solutions for corporate treasury, cash management, cash pooling activities, on-chain liquidity funding and refinancing solutions.
Auditing Process
The EURCV smart contract has already been audited by professional services network PwC which ensures that it meets all security requirements of an asset of this caliber.
European Digital Assets Regulations
To ensure full compliance with upcoming regulations such as Markets in Crypto-Assets framework (MiCA), Societe Generale developed the EURCV in accordance with these rules.