Societe Generale’s Euro-Backed EURCV Starts Trading On Bitstamp
Societe Generale’s euro stablecoin, the EUR CoinVertible, has started trading on the European cryptocurrency exchange Bitstamp.
The listing on Bitstamp marks the first time a euro stablecoin issued by a fully regulated bank is available for trading on a cryptocurrency exchange.
EUCRV Begins Trading On Bitstamp
The EURCV is an Ethereum-based stablecoin developed by a subsidiary of Societe Generale, Societe Generale FORGE. It was created to give the bank’s institutional clients a way to bridge traditional capital markets and digital assets. Bitstamp announced the news of the listing in a blog post published on its website.
“We’re excited to announce we are the first crypto exchange listing EURCV (EUR CoinVertible), a stablecoin brought by Societe Generale – FORGE (SG-FORGE). As the crypto asset subsidiary of one of the largest banks in Europe, SG-FORGE has leveraged all Societe Generale’s structuring and regulatory expertise to create this innovative digital asset, now available for trading on Bitstamp.”
The EURCV stablecoin is an ERC-20 token providing a low-volatility cryptocurrency that maintains a stable value equal to the Euro. The stablecoin is backed by cash and cash equivalents denominated in EUR. The stablecoin was also used on Monday by AXA IM, the asset management arm of insurance giant AXA. AXA IM used the stablecoin to purchase 5 million EUR ($5.4 million) worth of tokenized green bonds.
The listing on Bitstamp allows retail traders to access the stablecoin and also marks the first time a euro stablecoin issued by a regulated financial institution is available on a cryptocurrency exchange. Currently, the stablecoin market is dominated by the likes of Tether, the issuer of the USDT stablecoin, and Circle, the issuer of the USDC stablecoin. Both these stablecoins are pegged to the US Dollar. Jean Baptiste-Graftieaux, CEO of Bitstamp, stated that EURCV’s listing on Bitstamp heralds the next step in building markets that go beyond the current dominance of USD-backed stablecoins.
Flowdesk To Provide Liquidity
Meanwhile, Flowdesk, a crypto market maker, has been chosen to provide liquidity and active market-making for the EURCV stablecoin on Bitstamp and other crypto exchanges on which it will be listed. Initially, Societe Generale will make EURCV deposits and withdrawals available only to select whitelisted investors. The bank also added that existing KYC and AML compliance procedures will be applicable when onboarding digital token holders. The CEO of Flowdesk, Guilhem Chaumont, stated,
“We are thrilled to partner with SG-FORGE as a designated market maker, a pivotal role in realizing our shared vision of a tokenized financial future. Looking ahead as we approach 2024, we envision a transformative impact where compliant blockchain-based operations by institutions will drastically increase in volume.”
Not The First Euro Stablecoin
The EURCV is not the first Euro stablecoin. However, it is the first stablecoin that has the backing of a major regulated European bank. A state-owned bank in Brazil, the Brazilian National Social Development Bank, issued a Brazilian Real-backed stablecoin back in 2018. Tether and Circle have also launched stablecoins pegged to the Euro in the recent past.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Societe Generale’s Euro-Backed EURCV Starts Trading On Bitstamp
Societe Generale’s euro stablecoin, the EUR CoinVertible, has started trading on the European cryptocurrency exchange Bitstamp.
The listing on Bitstamp marks the first time a euro stablecoin issued by a fully regulated bank is available for trading on a cryptocurrency exchange.
EUCRV Begins Trading On Bitstamp
The EURCV is an Ethereum-based stablecoin developed by a subsidiary of Societe Generale, Societe Generale FORGE. It was created to give the bank’s institutional clients a way to bridge traditional capital markets and digital assets. Bitstamp announced the news of the listing in a blog post published on its website.
“We’re excited to announce we are the first crypto exchange listing EURCV (EUR CoinVertible), a stablecoin brought by Societe Generale – FORGE (SG-FORGE). As the crypto asset subsidiary of one of the largest banks in Europe, SG-FORGE has leveraged all Societe Generale’s structuring and regulatory expertise to create this innovative digital asset, now available for trading on Bitstamp.”
The EURCV stablecoin is an ERC-20 token providing a low-volatility cryptocurrency that maintains a stable value equal to the Euro. The stablecoin is backed by cash and cash equivalents denominated in EUR. The stablecoin was also used on Monday by AXA IM, the asset management arm of insurance giant AXA. AXA IM used the stablecoin to purchase 5 million EUR ($5.4 million) worth of tokenized green bonds.
The listing on Bitstamp allows retail traders to access the stablecoin and also marks the first time a euro stablecoin issued by a regulated financial institution is available on a cryptocurrency exchange. Currently, the stablecoin market is dominated by the likes of Tether, the issuer of the USDT stablecoin, and Circle, the issuer of the USDC stablecoin. Both these stablecoins are pegged to the US Dollar. Jean Baptiste-Graftieaux, CEO of Bitstamp, stated that EURCV’s listing on Bitstamp heralds the next step in building markets that go beyond the current dominance of USD-backed stablecoins.
Flowdesk To Provide Liquidity
Meanwhile, Flowdesk, a crypto market maker, has been chosen to provide liquidity and active market-making for the EURCV stablecoin on Bitstamp and other crypto exchanges on which it will be listed. Initially, Societe Generale will make EURCV deposits and withdrawals available only to select whitelisted investors. The bank also added that existing KYC and AML compliance procedures will be applicable when onboarding digital token holders. The CEO of Flowdesk, Guilhem Chaumont, stated,
“We are thrilled to partner with SG-FORGE as a designated market maker, a pivotal role in realizing our shared vision of a tokenized financial future. Looking ahead as we approach 2024, we envision a transformative impact where compliant blockchain-based operations by institutions will drastically increase in volume.”
Not The First Euro Stablecoin
The EURCV is not the first Euro stablecoin. However, it is the first stablecoin that has the backing of a major regulated European bank. A state-owned bank in Brazil, the Brazilian National Social Development Bank, issued a Brazilian Real-backed stablecoin back in 2018. Tether and Circle have also launched stablecoins pegged to the Euro in the recent past.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read More