Societe Generale's (GLE) crypto division, SG Forge, has introduced a stablecoin pegged to the euro (EUR) on Ethereum, saying it is the first such asset deployed on a public blockchain.
EUR CoinVertible (EURCV) will be offered to institutional clients as a means of bridging the gap between traditional capital markets and digital assets, the Paris-based bank's unit said on its website on Thursday.
SG Forge said it is addressing increasing demand from clients for a robust settlement asset for on-chain transactions, as well as a means for on-chain liquidity funding and refinancing.
While U.S. banking giant JPMorgan's in-house stablecoin JPM coin has been in use since 2020 as a settlement token between financial institutions, it trades on the bank's internal Onyx network, not a public blockchain.
The Societe Generale division won registration from France's Autorité des Marchés Financiers (AMF) to offer cryptocurrency trading and custody services last September, in a sign of the gathering momentum of institutional adoption of digital assets in France.
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