SG Forge Launches The First Public Blockchain Euro Stablecoin: EUR CoinVertible

Key Points:

• Societe Generale’s SG Forge has launched the EUR CoinVertible, a euro stablecoin on the Ethereum public blockchain.
• The EUR CoinVertible is designed to address growing client needs for a robust settlement asset for on-chain transactions, cash management and cash pooling activities, and intra-day liquidity needs.

Societe Generale’s crypto arm, SG Forge, has recently launched the EUR CoinVertible, a euro stablecoin on the Ethereum public blockchain.

This digital asset is designed to maintain a stable value and is SG Forge’s contribution to bridging the gap between traditional capital markets and the digital assets ecosystem. The project is fully integrated, regulated, and aligned with banking, legal, and regulatory standards.

The EUR CoinVertible is designed to address growing client needs for a robust settlement asset for on-chain transactions, an innovative solution for corporate treasury, cash management, cash pooling activities, on-chain liquidity funding, and refinancing solutions, and a solution for intra-day liquidity needs (e.g. margin calls). It is a pioneering project and is the first asset deployed on a public blockchain.

EUR CoinVertible has been construed as a ‘digital asset’ designed to fulfill institutional investors’ expectations. It has stringent and predefined collateral eligibility criteria (minimum rating, liquidity), daily transparency on the amount and collateral positions, and publication of the source code of the smart contract under the Apache 2.0 open-source license. In addition, it is interoperable and compatible with traditional systems and financial practices thanks to its implementation under the principles of the CAST framework.

Jean-Marc Stenger, CEO at SG Forge, said, “Digital assets with stabilisation mechanisms – i.e. stablecoins – built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem.” SG Forge plans to work with reputable digital asset exchanges and trusted third-party platforms to have the EUR CoinVertible stablecoin listed in the coming months.

This project is part of Societe Generale’s strategy to develop initiatives in the field of digital assets in a secure and transparent framework for institutional investors. SG Forge’s roadmap is to deliver innovative solutions to its clients, whether they are real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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