SG Forge, a digital subsidiary of Societe Generale, announces the launch of Stablecoin
Digital services provider and subsidiary of Societe Generale. SG Forge, announced the launch of a EUR CoinVertible (EURCV) stablecoin tied to the euro exchange rate for institutional clients. This token runs on the Ethereum blockchain.
The goal of issuing stablecoin was to “bridge the gap” between traditional capital markets and the digital asset ecosystem, SG Forge said in a statement. The company envisions the coin to become a secure means of payment. It will enable new solutions in corporate treasury and cash management. And it will be used to provide liquidity in the network.
SG Forge points out that the system provides “full segregation” of collateral assets. At the same time supporting the value of EUR CoinVertible, from the issuer of tokens. And it will update daily the information about the reserves on the company’s website.
The new digital asset will only be available to customers registered by Societe Generale Group in accordance with existing KYC verification procedures. And AML (Anti-Money Laundering) requirements.
In early April, Brazilian investment bank BTG Pactual announced the launch of the BTG Dol, a U.S. dollar-linked stablecoin. In Japan, banks are also considering issuing stablecoins, so far it is a matter of testing.
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