They aim to bridge the gap between traditional capital markets and digital assets.
The division of cryptocurrencies of Societe Generale, SG Forge, introduced a euro-pegged stablecoin in the ethereum network. In this way, it arose EUR CoinVertible (EURCV)he first asset of its kind deployed in a public blockchain and backed by a large European bank.
From SG Forge told that this project complements the commercial offer of the firm, which will offer this token to institutional clients. Will be offered as a medium to bridge the gap between the capital markets traditional and the digital assets.
Objectives and advantages of the new stablecoin
“It is part of the strategy of the Société Générale group, which develops initiatives in the field of digital assets in a safe and transparent framework for the institutional investorsfully in line with banking, legal and regulatory standards”, they explained from the company.
SG Forge also indicated that with this initiative they seek respond to the “growing needs” of clients for a robust settlement asset for on-chain transactionsas well as a means for financing and refinancing liquidity on the blockchain.
“The digital assets with stabilization mechanisms built under a solid bank-grade structure will be an element key to increasing trust in the native cryptoecosystem”, assured Jean-Marc Stenger, CEO of SG Forge.
According to the manager, this issuance “is an important step in the roadmap of SG Forge to offer innovative solutions to its customerswhether real money institutions and corporations or crypto-industry entities, and to facilitate the emergence of new market infrastructures based on blockchain technology”.
Unlike EUR CoinVertibleother cryptocurrencies such as the internal stablecoin of the US bank JPMorgan, JPM Coin, is used as a settlement token between financial institutions and is traded on the bank’s internal Onyx network. Instead, EURCV it does so on a public blockchain like SG Forge.
Source: Ambito
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