Bitstamp lists EUR CoinVertible stablecoin from Societe Generale

On the Luxembourg-based Bitstamp exchange, the EUR CoinVertible stablecoin was listed. Its issuer is the third-largest bank in France, Société Générale.

? NEW! We\’re the first exchange to list $EURCV!

EUR CoinVertible is Societe Generale-FORGE\’s innovative stablecoin, aiming for stability and safety in the volatile world of digital assets. ?

You can start trading it on Bitstamp today.

Dive in for more details:… pic.twitter.com/Lt98ysjfeo

— Bitstamp (@Bitstamp) December 6, 2023

According to representatives of the financial institution, the asset is fully euro-backed.

\n“The crypto ecosystem is largely concentrated on a few existing stablecoins, 90% of which are denominated in US dollars […]. We certainly believe that there is room in this space for a bank as well as for a euro-based stablecoin,” said Jean-Marc Stenger, head of Forge\’s digital assets division, in an interview with FT.

He expressed hope that the \”stablecoin\” will be used for settlements on bond trades and other assets, as financial institutions study digital registries.

Stenger emphasised that the stablecoin was created in accordance with MiCA norms. Accordingly, access to EUR CoinVertible is restricted to investors in the Société Générale group who have passed KYC/AML—CFT.

\n“Very few stablecoins are compatible with MiCA,” the executive added.

The Forge head also assured that holders of the stablecoin will have \”direct access to collateral\’. The collateral euros will be held in a trust fund overseen by a third party.

According to the publication, AXA Investment Managers has already used the new asset, investing in \”digital green bonds\”.

Earlier the crypto community criticised the digital euro released by the French bank, available only to qualified institutional clients.