The euro-pegged stablecoin will be the first of its kind in the region and will be available to the bank’s wide 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 foray into the stablecoin market.
The euro-pegged stablecoin, EUR CoinVertible, will debut on the Luxembourg-based Bitstamp crypto exchange, the Financial Times reported.
Jean-Marc Stenger, the CEO of Société Générale Forge, noted that the new stablecoin highlights the bank’s role in the evolving crypto domain while stressing the necessity for a stablecoin denominated in euros.
The private crypto stablecoin market is dominated by United States dollar-pegged stablecoins, with Tether and Circle being the only two key significant players.
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.
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Axa Investment Managers used the native Eur CoinVertible stablecoin 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.
