Stablecoin

The launch of <a href="https://optimisus.com/news/the-third-largest-bank-in-france-has-been-given-permission-to-run-digital-asset-services/" rel="noopener noreferrer nofollow">Société Générale</a>'s euro-backed stablecoin, dubbed 'EUR CoinVertible,' on the Luxembourg-based exchange Bitstamp has made waves in the crypto space.  
This is a significant entry by a traditional bank into the crypto trading arena, particularly in the stablecoin market, which has previously been dominated by digital asset firms.  
Stablecoins are digital tokens with traditional currency value that closely track the value of fiat currencies. They play an important role in reducing the complexity of crypto trading by providing a stable digital representation of traditional currencies.  
While most stablecoins are pegged to the US dollar, Société Générale's EUR CoinVertible is unique in that it is fully backed by euros, meeting market demand for euro-denominated options.  
Jean-Marc Stenger, CEO of Société Générale's digital asset unit SocGen Forge, sees a valuable niche in the evolving crypto ecosystem for a euro-based stablecoin.  
Unlike other major banks' stablecoins, which cater primarily to institutional clients, SocGen's EUR CoinVertible aims to be accessible to a broader range of traders.  
Stenger envisions the stablecoin settling trades in digital bonds and other assets as traditional financial institutions engage with digital ledgers more frequently.  
Notably, SocGen's stablecoin is compatible with Mica, the upcoming EU digital assets regulation, demonstrating a proactive approach to compliance.  
The stablecoin is intended to be versatile, and usable across multiple platforms, while also mitigating risks for users.  
Axa Investment Managers recently used SocGen's stablecoin for a digital green bond investment, which is a notable use of the stablecoin.  
This application demonstrates <a href="https://optimisus.com/market/market-news/european-banks-face-another-weekend-of-instability-as-default-risks-rise/" rel="noopener noreferrer nofollow">EUR</a> CoinVertible's versatility and real-world utility in facilitating digital financial transactions.  
To ensure user security and confidence, the euros backing EUR CoinVertible are held in a trust managed by a third party, providing token holders with direct recourse. This configuration improves the stablecoin's stability and trustworthiness. 
The post <a href="https://optimisus.com/news/crypto-news/societe-generale-ventures-into-crypto-launches-euro-backed-stablecoin-eur-coinvertible-on-bitstamp/" rel="noopener noreferrer nofollow">Société Générale Ventures into Crypto: Launches Euro-Backed Stablecoin ‘EUR CoinVertible’ on Bitstamp</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Société Générale Ventures into Crypto: Launches Euro-Backed Stablecoin ‘EUR CoinVertible’ on Bitstamp

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