Société Générale will offer its token EUR CoinVertible on Bitstamp today. This is the first major bank to offer a stablecoin on a crypto exchange general public.
Societe Generale Group will allow this Wednesday to negotiate its stablecoin EUR CoinVertible on the cryptocurrency exchange platform Bitstampreported the Financial Times.
Launched last April on Ethereum, the euro-backed token was until now only offered to institutional clients.
While other leading banks have issued stablecoins, such as the American JP Morgan and its JPM Coin, Société Générale is the first major financial institution to allow retail investors to trade its token on a crypto exchange.
The crypto ecosystem is heavily concentrated on a few existing stablecoins, 90% of which are denominated in US dollars. […] We definitely think that there is a place for a bank in this field and that there is a place for a stablecoin in euros,” proclaimed Jean-Marc Stenger, SG Forge’s CEO.
The market for stablecoins today weighs in at around $128 billion, and is largely dominated by Tether and its USDT token, which has a market cap of almost $90 billion. The second largest stablecoin, Circle’s USDC, has a market cap of $24 billion.
Jean-Marc Stenger, who has been spearheading the bank’s crypto strategy for several years via his PSAN-accredited subsidiary SG Forge, pointed out that the EUR CoinVertible token complies with European MiCA regulations. “Very few stablecoins are MiCA-compliant,” he said.
Earlier this week, the French bank announced its first digital green bond in the form of security tokens on Ethereum. On-chain securities can be settled with its stablecoin.
In October, Bitstamp claimed to be in talks with banks “well known in Europe” and interested in offering crypto services. The Luxembourg-based trading platform received PSAN registration in early 2023.
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