Cryptocurrency division of the financial giant Societe Generale – SG Forge – will launch a stablecoinpegged to the euro called CoinVertible. It is developed on the basis of Ethereum. The product will be available to institutional investors. Whether individual investors will be allowed to trade the stablecoin, the bank did not specify.
The official press release says that the currency will be traded under the ticker EURCV. The tasks of the asset include bridging the gap between the traditional financial market and digital assets. The stablecoin is positioned as the first stablecoin issued by a subsidiary of a global systemically important bank (G-SIB).
CoinVertible was developed to meet the growing needs of customers – it should become a settlement asset for transactions on the Ethereum network. The stablecoin will be used in a variety of corporate wealth management and cash pool operations, digital asset liquidity and refinancing solutions.
The SG-Forge leadership claims that the stablecoin is fully collateralized and the collateral assets will be isolated and segregated. Consulting firm PwC conducted an audit of EUR CoinVertible smart contracts and was satisfied. “The release of EURCV was a big step towards SG-Forge towards its goal. We try to provide all customers with innovative solutions – both traditional financial institutions and corporations, and companies from the crypto industry sector. We want to help the emergence of new blockchain-based market infrastructures,” said CEO Jean-Marc Stenger.
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