SG Forge Lists EUR Stablecoin on Bitstamp
Posted by Colin Lambert. Last updated: December 6, 2023
SG Forge, Société Générale’s licensed digital asset service provider, has listed its EUR stablecoin, which is issued on the Ethereum blockchain EUR CoinVertible (EURCV), on crypto exchange Bitstamp.
The firm says the listing will facilitate access to EURCV, and while the regulatory framework related to digital assets at European level will be modified by the upcoming European digital assets regulations MiCA and Pilot Regime, EURCV, in accordance with the French legal framework applicable to digital assets, aims to meet growing customer demand for a robust settlement and store-of-value asset for on-chain transactions; an innovative solution for cash management and cash pooling activities; and enhanced collateral management.
With this listing, it adds that investors in the cryptoasset ecosystem as well as traditional financial markets participants will be able to operate transactions based on the same stable digital asset.
With this listing, SG-FORGE offers the opportunity to the crypto ecosystem to diversify its positions and gain access to a robust, stable asset built on Societe Generale’s regulatory and structuring expertise. This is an important step towards widespread adoption of our stablecoin.” says Jean-Marc Stenger, CEO of SG-Forge.
Jean-Baptiste Graftieaux, CEO of Bitstamp, adds, “As the first EUR stablecoin to be issued by a fully regulated subsidiary of a global bank, this is an exciting moment for our industry as we move towards our mission of mainstream adoption of crypto. Stablecoins bridge the gap between traditional fiat currencies and cryptocurrencies – offering the best of both worlds due to their stability and on-chain feature set – whilst also supporting our goal of increased financial inclusion. This partnership with Societe Generale-Forge is the next step in building markets beyond the current dominance of USD-backed stablecoins.”