Société Générale, a big bank in France, just launched its own digital money called EUR CoinVertible (EURCV). It’s tied to regular euros and is one of the first big European banks to get into the digital money game.
This new digital money will be available on the Bitstamp crypto exchange in Luxembourg. It’s fully supported by regular euros, so the bank’s customers can use it to join the online money market and trade. The asset will be available to a broad customer base and can be used for trading.
The CEO, Jean-Marc Stenger, highlighted that the new stablecoin has been developed with a focus on its usage in settling trades involving digital bonds, funds, and various assets. He added that the broad applicability of the stablecoin extends beyond Société Générale’s platform, allowing it to be embraced across different financial service providers.
Societe Generale thinks EURCV will connect regular money and the new digital money world. This could help with things like managing company money, dealing with cash, and making sure there’s always enough money online.
Axa Investment Managers already used EURCV to invest in digital green bonds from Societe Generale. These bonds are worth 10 million euros (around 11 million USD) and last for 3 years.
The French banking giant’s move into the euro-pegged stablecoin market might be a major development for the European landscape. Especially, the European Union’s Markets in Crypto-Assets Regulation is set to come into force in 2024.
However, Société Générale is not new to the crypto domain and has been actively involved in offering crypto exposure to its customer base for years. Their crypto branch, Forge, got the top license in July to be the first company in the country to give crypto services.