- Societe Generale’s crypto unit, SG Forge, launched the first stablecoin on a public blockchain.
- EUR CoinVertible (EURCV) is a stablecoin pegged to the euro on Ethereum.
- Institutional clients can use EURCV to bridge traditional capital markets and digital assets.
SG Forge, the crypto unit of Societe Generale (GLE), has launched a stablecoin linked to the euro (EUR) on Ethereum, claiming it’s the inaugural stablecoin on a public blockchain.
On Thursday, SG Forge, the crypto unit of Societe Generale (GLE), announced the launch of EUR CoinVertible (EURCV), a stablecoin pegged to the euro on Ethereum. It is the first stablecoin of its kind on a public blockchain and will be available to institutional clients to help bridge the gap between traditional capital markets and digital assets.
According to SG Forge, the introduction of EURCV responds to the growing demand from clients for a secure asset for settlement in on-chain transactions, as well as a tool for on-chain liquidity financing and refinancing.
Moreover, JPMorgan’s stablecoin, JPM coin, has been used as a settlement token between financial institutions since 2020, but it operates on the bank’s internal Onyx network, not a public blockchain.
Last September, Societe Generale’s SG Forge division was granted approval by France’s Autorité des Marchés Financiers (AMF) to offer cryptocurrency trading and custody services, signaling growing institutional adoption of digital assets in the country.
