In April 2023, Société Générale subsidiary SG-FORGE revealed the EUR CoinVertible (EURCV), a new form of stablecoin representing the euro. Unlike many other similar initiatives, EURCV will be open to all investors and traders after identity verification on Bitstamp for the time being, a PSAN-registered platform.
This stablecoin is based on the public Ethereum blockchain, bringing a dimension of transparency and security to its use. Société Générale aims to provide wider access to digital assets by introducing this digital currency, offering an alternative to other stablecoins on the market, most of which are backed by the US dollar.
To ensure the liquidity and availability of EURCV on the markets, Société Générale has entered into a strategic partnership with Flowdesk, a company specialising in market creation. This collaboration aims to facilitate exchanges between the EURCV, the traditional euro and the USDT stablecoin. The main objective is to meet regulatory requirements while paving the way for the participation of institutional investors and enabling more widespread use of this stablecoin.
At present, there are no plans to be able to withdraw the stablecoin for use in decentralised finance (DeFi), for example.
This initiative is a continuation of SG-FORGE's efforts in the area of digital assets. Following its approval as a Digital Asset Service Provider (DASP) in 2023, the company is stepping up its efforts to explore the benefits of tokenising real-world assets. This exploration points to a promising future for the use of EURCV stablecoin in a multitude of future use cases and applications, paving the way for wider adoption of digital assets.
