France’s 3rd-largest bank, Société Générale, launches euro-pegged stablecoin

The euro-pegged stablecoin will be the first of its kind in the region and will be available to the bank’s customer base for trading use.

Société Générale, France’s third-largest bank, has debuted its native euro-pegged stablecoin, making it one of the first European banking giants to venture into the stablecoin market.

The EUR CoinVertible (EURCV) stablecoin will debut on the Luxembourg-based Bitstamp crypto exchange, the Financial Times reported.

Jean-Marc Stenger, the CEO of Société Générale Forge, stated that the new stablecoin highlights the bank’s role in the evolving crypto domain and stressed the necessity for a stablecoin denominated in euro.

The private crypto stablecoin market is dominated by United States dollar-pegged stablecoins, with Tether (USDT) and Circle’s USD Coin (USDC) the two largest.

The CEO highlighted that the new stablecoin has been developed with a focus on its usage in settling trades involving digital bonds, funds and various assets.

Related: French financial markets ombudsman reports jump in crypto-related mediations

Axa Investment Managers used EURCV to invest in the bank’s digital green bond. The bond has a value of 10 million euros (around $11 million) and a maturity of three years.

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