SocGen Becomes First Major Bank To Back Euro Stablecoin On Crypto Exchange Bitstamp
Portfolio Pulse from Khyathi Dalal
Société Générale (OTC:SCGLY) is set to launch EUR CoinVertible, a euro-denominated stablecoin, which will be the first offered by a major financial institution and fully backed by euros. Unlike JPMorgan's JPMCoin, which is limited to institutional clients, SocGen's stablecoin will be available for trading on crypto exchanges like Bitstamp and comply with the EU's upcoming MiCA regulations. The stablecoin aims to be used for settling trades in digital bonds and other assets, with the euros held in a trust managed by a third party, mitigating exposure risk to the bank.
December 06, 2023 | 3:25 pm
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Société Générale is launching EUR CoinVertible, a euro-backed stablecoin, which will be available for trading and is in line with EU regulations. This positions the bank as a pioneer in the stablecoin market and could attract interest from investors looking for digital asset offerings from established financial institutions.
The launch of a stablecoin by a major bank like Société Générale is a significant step into the digital asset space, which could enhance the bank's reputation as an innovator and attract investors interested in the intersection of traditional banking and cryptocurrency. The stablecoin's compliance with EU regulations and its availability for trading could lead to increased demand and positive sentiment in the short term.
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