Societe Generale-Forge (SG-Forge), a subsidiary of the French banking giant Societe Generale, has introduced a new stablecoin called EUR CoinVertible, which is pegged to the European currency.
The regulated company has designed this stablecoin for qualified institutional investors who have completed all the necessary verification procedures, including AML and KYC.
EURCV has been released on the Ethereum blockchain, and its objective is to serve as a link between traditional markets and the digital asset ecosystem.
According to the CEO of the company, Jean-Marc Stenger, “SG-Forge will evaluate the interest of potential customers in the coming weeks and then determine the process for the gradual introduction of EUR CoinVertible.”
The decision to launch this stablecoin was made due to the increasing demand for a settlement asset for transactions on the Ethereum network.
It will be utilized for various corporate wealth management and cash pool operations, digital asset liquidity, and refinancing solutions.
The management of SG-Forge has assured that the stablecoin is fully secured, and the collateral assets will be completely isolated and segregated.
Consulting firm PwC has audited the smart contracts of EUR CoinVertible, and the stablecoin itself is built to CAST standards.
Stenger promises that “the release of EURCV was a significant milestone for SG-Forge in achieving its goal of providing innovative solutions to our customers.
Whether they are traditional financial institutions, corporations, or companies from the crypto industry.
We hope to contribute to the emergence of new blockchain-based market infrastructures.”
In other news, the Montenegrin government intends to develop its own state stablecoin that is pegged to the euro, with assistance from the Ripple company.