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France’s third-largest bank, Société Générale, is preparing to launch its own stablecoin, EUR CoinVertible, which is fully backed by the Euro and designed in compliance with MiCA regulations. The stablecoin will be listed on the cryptocurrency exchange Bitstamp today, making it available to crypto market participants.
<h2 style="text-align: justify" id="strong-securing-a-share-of-the-130-billion-market-strong">Securing a Share of the $130 Billion Market</h2>
According to the Financial Times, Société Générale will start trading its own stablecoin, EUR CoinVertible, on Bitstamp today, becoming the first bank to offer its stablecoin to a broad investor base. This move represents a significant step for a traditional <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> institution into the world of crypto trading, which is currently dominated by specialist crypto firms.
<img decoding="async" class="aligncenter size-full wp-image-285157" src="https://coin-turk.com/wp-content/uploads/2023/12/societe-generale-stablecoin-altcoin.jpeg" alt="" width="1280" height="720">
Stablecoins are a form of digital cash that tracks the price of sovereign currencies, facilitating the buying and selling of cryptocurrencies in the market. The majority of cryptocurrency trading, such as <a href="https://en.coin-turk.com/disregard-all-preconceptions-of-bitcoin-its-approaching-consecutive-evidence-from-a-renowned-macro-economist/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/a-prominent-crypto-analyst-predicts-a-decline-in-bitcoin-despite-recent-market-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>), is conducted via stablecoins pegged to the value of the US dollar.
The $130 billion stablecoin market is currently dominated by the British Virgin Islands-registered <a href="https://coin-turk.com/son-dakika-tether-davasinda-anlasmaya-varildi" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a> and US-based Circle, amidst ongoing questions about the audits of the reserves backing their stablecoins. With the EUR CoinVertible move, Société Générale is aiming to capture a share of this market.
<h2 style="text-align: justify" id="strong-eur-coinvertible-to-be-accessible-to-everyone-strong">EUR CoinVertible to Be Accessible to Everyone</h2>
The CEO of Société Générale’s digital assets unit SocGen Forge, Jean-Marc Stenger, told the Financial Times, “The crypto ecosystem is currently concentrated on a few stablecoins, 90% of which are denominated in US dollars. We definitely think there is room for a bank in this space and for a Euro-denominated stablecoin.”
While some major investment banks like JPMorgan have their own stablecoins, these are only available for use by a small group of institutional clients. In contrast, Société Générale’s stablecoin will be accessible to everyone for trading.
Stenger hopes that as traditional financial institutions explore and adopt <a href="https://coin-turk.com/yapay-zeka-ve-blockchain-entegre-olursa-ne-olur" data-wpel-link="internal" rel="noopener noreferrer nofollow">Blockchain</a>, the bank’s stablecoin will be used for transactions in digital bonds, funds, and other assets. He said, “The best way to channel investor interest is to grow in the usual way and place in the crypto market, which means getting your product listed on a cryptocurrency exchange.” Furthermore, Stenger emphasized that the EUR CoinVertible stablecoin is built to be used across different platforms and various financial service players.
Stenger assured that EUR CoinVertible holders will not face any risk against the French bank itself as the Euros supporting the asset will be held in a trust managed by a third party, allowing direct recourse to the stablecoin’s collateral asset, adding, “Whether for operations on our own platform or others, it is open to everyone who wants to use it.” Continue Reading: <a href="https://en.coin-turk.com/societe-generale-launches-eur-coinvertible-stablecoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/societe-generale-launches-eur-coinvertible-stablecoin/</a>

Société Générale Launches EUR CoinVertible Stablecoin

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