Societe Generale, through its crypto arm SG-FORGE, has announced the launch of EUR CoinVertible, a stablecoin backed by the euro and built on the Ethereum blockchain. The new stablecoin is intended to maintain a stable value and offers more transparent systems for institutional investors while complying with regulations. The bank’s crypto arm acquired a license from the French Financial Markets Authority (AMF) in 2022 to provide crypto trading and custody services.
Societe Generale is the latest banking network to launch its own in-house stablecoin, following in the footsteps of JP Morgan, which launched JPM Coin in 2020 to facilitate settlements between financial institutions. However, unlike JPM Coin, which uses the internal Onyx network of the bank, EUR CoinVertible is issued on a public blockchain, making Societe Generale the first bank to issue such institutional assets on a public blockchain.
According to reports, the stablecoin has been given the ticker symbol EURCV and will operate on a permissioned version of Ethereum. This marks a significant move for the French bank, as it looks to expand its cryptocurrency offerings and keep up with the increasing adoption of crypto assets in the banking industry.