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SocGen digital asset unit launches EUR stablecoin

SG-Forge, the digital asset division of French bank Societe Generale, has launched a euro-denominated stablecoin on the ethereum public blockhain.

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SocGen digital asset unit launches EUR stablecoin

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Dubbed the EUR CoinVertible, the asset is designed to bridge the gap between traditional capital markets and the digital assets ecosystem. The coin could be put to use as a settlement asset for on-chain transactions, for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing, and for intra-day liquidity needs such as margin calls.

The bank has made a request to a "leading independent credit rating agency" to assign a credit rating to the EUR CoinVertible. The firm says it intends to work with digital asset exchanges and trusted third-party platforms to have the EUR CoinVertible stablecoin listed in the coming months.

Jean-Marc Stenger, chief executive officer at SG-Forge says: “Digital assets with stabilisation mechanisms - i.e. stablecoins - built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem. This issuance is a major step in Societe Generale-Forge’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”

The French bank is among a number of major global banks to have minted their own stablecoins, including JPMorgan, National Australia Bank, ANZ and BTG Pactual.

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