Bitstamp and Flowdesk 1st step for EURCV stablecoin

A scholarship and a market maker are already associated with subsidiary of Societe Generale Group to offer its stablecoin euro. SG-Forge doesn’t intend to stop there. ” EURCV is intended to be listed on d’other exchanges “says his CEO à RoyalsBlue.com.

SG-Forgethe Société Générale Group’s crypto unit, is determined to make the most of its status as the only licensed player in France – and as such has a head start on MiCA compliance.

This status is a powerful lever for the wider distribution of its euro stablecoin, theEURCV. With this in mind, Forge signed agreements last week with the Bitstamp exchange and the marker maker Flowdesk.


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Listing planned on other exchanges, subject to KYC approval

The crypto exchange was the first to list the Ethereum token launched in April by the French PSAN. Flowdesk immediately followed suit. In a press release, the market maker states that it will provide liquidity for the stablecoin’s EUR and USDT pairs.

For its distribution, SG-Forge has therefore opted for two European players. But the banking subsidiary’s main selection criterion is KYC. And the choice of additional partners will be based on this parameter, as Forge confirms to RoyalsBlue.com.

The EURCV stablecoin is intended to be listed on other exchanges in the future, to encourage its adoption. The choice of future partners will depend on their ability to meet the KYC requirements set for this function”, says CEO Jean-Marc Stenger.

EURCV, a solid value settlement and storage asset

KYC is indeed an imperative for a token with institutional ambitions. Forge intends to make EURCV “a solid settlement and value storage asset for on-chain transactions of listed and unlisted security tokens, as well as an on-chain collateral that will be used to meet the liquidity needs of institutions”.

With its stablecoin, Forge is therefore aligning itself with Societe Generale’s existing compliance procedures. These include Know Your Customer (KYC), Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT).

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As for the distribution of its token, Forge tells us that it has not made loans to platforms, as is sometimes the case for liquidity reasons.

Not at this stage, but it could be a possibility depending on needs and trading volumes”, replies Jean-Marc Stenger.

Stablecoins subject to MiCA from June 2024

The situation could therefore change next year, depending on demand. With its status as a licensed player and being backed by an international bank, SG-Forge and its EURCV are in a strong position ahead of MiCA’s entry into force.

We are resolutely committed to the development of this asset, and our ambition is to make it a benchmark stablecoin on the market,” emphasizes the French executive.

And from June 2024, new provisions will come into force.

Stablecoins denominated in euros, wherever they may be, will have to comply with MiCA regulations, and exchange platforms offering services to European customers will no longer be able to offer stablecoins that are not MiCA-compliant, whether they are in euros or denominated in another currency”, reminds Jean-Marc Stenger.

For many players in the sector, MiCA compliance and approval represent a major step up the ladder. For AMF Chairman Marie-Anne Barbat-Layani, not all PSANs will succeed.

A competitive advantage for Forge? MiCA compliance is “an extremely strong challenge for the crypto industry”, says Jean-Marc Stenger.

The value proposition we bring to the market with Euro CoinVertible seems very interesting in this context,” he concludes.

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