EURCV: Société Générale-Forge unveils stablecoin on Ethereum

SG-FORGEthe branch crypto of the group Société Généraleannounces the launch of theEUR CoinVertiblea institutional stablecoin issued on the blockchain Ethereum and backed by the euro.

On Thursday, Société Générale-FORGE unveiled a stablecoin euro to complete its offer to its institutional clients.

Named EUR CoinVertible (EURCV)The token is issued on the Ethereum blockchain and is presented as a ” robust settlement asset “for transactions conducted on blockchains but also as an innovative solution for cash management and cash pooling activities.

This issue is a major step in Société Générale- FORGE’s trajectory to offer innovative solutions to its financial institution, corporate and crypto-asset industry clients and thus facilitate the emergence of new market infrastructures based on blockchain technology,” commented the SG-FORGE boss, in a statement shared with Coins.co.uk.

According to Jean- Marc Stenger, stablecoins based on “robust bank-level structuring” will be the key to “increasing trust in crypto ecosystems.”

The initiative is intended to help bring traditional financial markets closer to the digital asset ecosystem by building on the CAST open-source interoperability standard, according to the announcement.

L’EURCV has a secure legal structure to ensure complete segregation of the reserve assets used as collateral. And on the transparency side, customers can view the amount of EUR CoinVertible in circulation as well as the value and composition of the reserve assets on the company’s website.

The stablecoin, whose smart contract source code is under an Apache 2.0 open source license, is, as mentioned above, dedicated to a institutional clients meeting the regulatory compliance requirements applied by the French bank.

SG-Forge plans to list its digital coin on several “reputable” exchange platforms in the coming months.

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