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SocGen lists stablecoin on BitStamp

SocGen lists stablecoin on BitStamp

The digital asset unit of French lender Societe Generale has listed its newly-minted Euro-based stablecoin on crypto exchange BitStamp.

With the listing, investors in the cryptoasset ecosystem as well as traditional financial markets participants will be able to operate transactions based on the EUR CoinVertible (EURCV) asset.

The bank says the stablecoin will help meet demand for a robust settlement and store-of-value asset for on-chain transactions and for cash pooling and cash management activities, alongside enhanced collateral management.

In an effort to ensure liquidity, the bank has appointed FlowDesk as a market maker for EURCV-EUR and EURCV-USDT trading pairs on BitStamp

Jean-Marc Stenger, chief executive officer, SG-Forge, says: “As the first EUR stablecoin to be issued by a fully regulated subsidiary of a global bank, this is an exciting moment for our industry as we move towards our mission of mainstream adoption of crypto. Stablecoins bridge the gap between traditional fiat currencies and cryptocurrencies - offering the best of both worlds due to their stability and on-chain feature set - whilst also supporting our goal of increased financial inclusion."

The public roll out follows the successful completion of a green bond transaction that utilised EURCV with AXA Investment Management earlier this week.

Comments: (1)

A Finextra member
A Finextra member 06 December, 2023, 17:47Be the first to give this comment the thumbs up 0 likes

great initiative - vive l'EURCV!