Société Générale issues EUR-pegged stablecoin

🏦 Societe Generale continues with crypto experiments.

After issuing covered bonds on Ethereum in 2019, then submitting them as collateral to MakerDAO in 2022, the crypto-focused subsidiary of the French banking giant called Societe Generale – FORGE is now attacking the stablecoin sector.

CoinVertible ($EURCV) is a Euro-backed stablecoin issued on Ethereum. The 10 million tokens are intended for SG institutional clients who wish to engage with the crypto ecosystem.

CoinVertible is expected to become:

🪙 “a robust settlement asset for on-chain transaction”,

🪙 “an innovative solution for corporate treasury”,

🪙 “on-chain liquidity funding and refinancing solution”,

🪙 and “a solution for intra-day liquidity needs”.

Launched today – the same day that the MiCA law was voted in by the EU Parliament – CoinVertible could be the tool that will bring crypto closer to the financial institutions in the EU.

Will this be enough to end the crypto stigma in the French banking system ? 🤔