Latest news with #EURCoinVertible
Yahoo
2 days ago
- Business
- Yahoo
SocGen's Crypto Arm Unveils Dollar Stablecoin on Ethereum and Solana
SG Forge, the cryptocurrency division of French bank Société Générale, plans to introduce a dollar-backed stablecoin on the Ethereum and Solana blockchains, the bank said on Tuesday. The USD CoinVertible (USDCV) will start trading in early July and involves Bank of New York Mellon acting as reserve custodian for the token. As crypto rules coalesce around the globe, pressure is mounting on banks to take part in the integration of fiat-pegged stablecoins into mainstream finance (TradFi). SocGen, something of a stablecoin pioneer with its euro-backed EURCV token, says it is the first global banking group to issue a public stablecoin tied to the U.S. dollar. The involvement of BNY Mellon enables seamless integration between traditional and digital financial ecosystems, SG Forge said in a press release. 'After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a U.S. dollar version was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially,' SG Forge CEO Jean-Marc Stenger said in the statement, referring to the European Union's Markets in Crypto Assets regulations. Stablecoins, digital tokens whose value is pegged to a real-world asset, are used extensively for crypto trading and other applications. The market is dominated by Tether's USDT, with a market cap of about $155 billion, according to CoinDesk data. USDC, issued by Circle (CRCL), is No. 2 with a market cap of $60 billion. 'The stablecoin market remains largely U.S. dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin,' he said in a statement. USD CoinVertible and EUR CoinVertible are designed to support a wide range of client activities, the bank said, including crypto trading and cross-border payments, on-chain settlement, foreign exchange transactions and collateral and cash management. Neither USD CoinVertible nor EUR CoinVertible are available to "U.S. Persons," SG Forge said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
BCB Strikes Deal with SocGen–FORGE to Distribute Euro-Pegged Stablecoin EURCV
BCB Markets, the trading arm of crypto payments firm BCB Group, has inked an agreement with Societe Generale–FORGE to distribute EURCoinVertible (EURCV), a euro-linked stablecoin developed by the French banking giant's digital asset subsidiary, the company said in a press release on Tuesday. The move marks another step toward broader adoption of fiat-linked digital assets, as institutions look for stablecoin alternatives beyond the U.S. dollar. Launched in April 2023, EURCV is among the first stablecoins to comply with the European Union's Markets in Crypto Assets (MiCA) framework, which came into effect this year, BCB said. Backed by cash reserves and pegged to the euro, EURCV is intended for institutional use and aims to bring stability and regulatory clarity to the stablecoin space in Europe. 'The stablecoin market is dominated by dollar-pegged coins, which is useful for many, but we believe the euro deserves a native, regulated digital representation,' said Jerome Prigent, managing director of BCB Europe, in the release. BCB said the partnership would allow its clients, ranging from crypto-native firms to traditional financial institutions, to leverage EURCV for faster and cheaper transactions, particularly in cross-border payments. Prigent noted that the appeal of euro-denominated stablecoins could stretch beyond the continent, as businesses in emerging markets across the Middle East, Africa and Latin America are actively exploring alternatives to U.S. dollar-linked tokens for remittances and trade. Euro-denominated stablecoins can reduce the cost of cross-border money transfers by as much as 80%, without the need to route payments through the dollar, Prigent added. 'The collaboration with BCB Markets supports the EURCV stablecoin expansion as an effective means of payment across various geographies and use cases,' Jean-Marc Stenger, CEO of Societe Generale–FORGE, said in the release. The announcement comes as regulated stablecoins gain momentum in Europe under MiCA, which sets new standards for transparency, reserve management, and licensing for issuers.
Arabian Post
20-05-2025
- Business
- Arabian Post
Societe Generale Unveils Dollar-Pegged Stablecoin on Ethereum
Societe Generale, one of Europe's leading financial institutions, has launched a new stablecoin pegged to the US dollar on the Ethereum blockchain, marking a significant milestone as the first dollar-backed stablecoin issued by a traditional bank. The initiative, spearheaded by the bank's digital asset subsidiary SG-Forge, aims to bridge the gap between conventional finance and the rapidly evolving world of decentralised finance . The stablecoin, named USD CoinVertible , is designed to offer institutional clients a secure and regulated digital asset for on-chain transactions. SG-Forge has emphasised that USDCV will adhere to strict compliance standards, including Know Your Customer and Anti-Money Laundering protocols, ensuring its suitability for professional investors seeking exposure to digital assets within a regulated framework. Jean-Marc Stenger, CEO of SG-Forge, stated that the launch of USDCV represents a pivotal step in the bank's digital asset strategy. He highlighted the growing demand among institutional clients for stable and compliant digital assets that can facilitate efficient settlement and liquidity management on blockchain platforms. The introduction of USDCV follows SG-Forge's earlier venture into stablecoins with the euro-pegged EUR CoinVertible , which was initially deployed on the Ethereum blockchain. Despite its innovative approach, EURCV experienced limited adoption, prompting SG-Forge to expand its presence to other blockchain networks. In September 2024, the firm announced plans to deploy EURCV on the Solana network, citing the blockchain's high throughput and low transaction costs as key factors for enhancing user experience and adoption. Solana's capabilities have attracted attention from various financial institutions seeking to leverage blockchain technology for digital asset issuance and management. SG-Forge's decision to extend EURCV to Solana aligns with a broader industry trend of exploring scalable and cost-effective blockchain solutions to meet the demands of both retail and institutional users. In addition to Solana, SG-Forge has expressed intentions to further expand its stablecoin offerings to other blockchain networks, including the XRP Ledger. This multi-chain strategy reflects the firm's commitment to providing versatile and accessible digital asset solutions across diverse blockchain ecosystems. The launch of USDCV positions Societe Generale as a pioneer among traditional banks venturing into the stablecoin market. While other financial institutions have explored digital asset initiatives, Societe Generale's direct issuance of a dollar-pegged stablecoin on a public blockchain underscores its proactive approach to embracing digital innovation within a regulated framework. As the stablecoin market continues to evolve, the entry of established financial entities like Societe Generale introduces a new dimension to the landscape. The bank's emphasis on regulatory compliance and institutional-grade solutions may set a precedent for other traditional financial institutions considering similar ventures into the digital asset space. The success of USDCV will likely depend on its adoption by institutional clients and its integration into existing financial infrastructures. SG-Forge's ongoing efforts to enhance the utility and accessibility of its stablecoin offerings, including partnerships with market makers and listings on digital asset exchanges, will be critical in driving adoption and establishing a foothold in the competitive stablecoin market. Arabian Post – Crypto News Network
