France Launches Ethereum-Based EUR Stablecoin Powered by Societe Generale-FORGE

Related articles

  • Societe Generale-FORGE launches the first institutional stablecoin on a public blockchain called EUR CoinVertible.
  • EUR CoinVertible is designed to bridge the gap between traditional capital markets and the digital assets ecosystem based on the CAST open-source interoperability and securitization framework.

Societe Generale-FORGE, a regulated subsidiary of Societe Generale Group, has launched EUR CoinVertible, a stablecoin deployed on the Ethereum public blockchain. The digital asset is designed to maintain a stable value in euro denomination and is part of the company’s strategy to develop secure and transparent initiatives in the digital asset field for institutional investors.

EUR CoinVertible complements SG-FORGE’s business offer to institutional clients seeking innovative settlement and cash management solutions.

Societe Generale-FORGE Launches EUR CoinVertible Stablecoin Societe

The stablecoin fulfills institutional investors’ expectations and provides robust settlement assets for on-chain transactions, innovative solutions for corporate treasury, cash management, and cash pooling activities, on-chain liquidity funding and refinancing solutions, and a solution for intra-day liquidity needs. The project is designed to bridge the gap between traditional capital markets and the digital assets ecosystem based on the CAST open-source interoperability and securitization framework.

EUR CoinVertible has a secure legal structure that guarantees the complete segregation of collateral assets held to back the value of the stablecoins from the issuer. Stringent and predefined collateral eligibility criteria, daily transparency on EUR CoinVertible amount and collateral positions, access limited to investors onboarded by Societe Generale Group through existing compliance procedures, interoperability and compatibility with traditional systems and financial practices, and publication of the source code of the EUR CoinVertible’s smart contract under the Apache 2.0 open-source license.

SG-FORGE will work with reputable digital asset exchanges and trusted third-party platforms to have the EUR CoinVertible stablecoin listed in the coming months. The company was advised by White & Case law firm for the first CoinVertible issuance, with Equitis Gestion serving as the initial fiduciary, and the smart contract audited by PwC.

Generale Group Advances Digital Asset Strategy with EUR CoinVertible

Jean-Marc Stenger, CEO at SG-FORGE, believes that digital assets with stabilisation mechanisms built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem. Societe Generale Group’s digital asset strategy is aimed at facilitating the emergence of new market infrastructures based on blockchain technology.

SG-FORGE has built an open, secure, and institutional-grade platform for digital asset operations, underpinned by full banking-level safety and regulatory compliance. The company has been active in structuring and providing services on native digital bonds and structured products deployed on public blockchains since 2019, and is involved in Central Bank Digital Currency experiments with different G7 Central Banks using CBDC for on-chain settlements and delivery-versus-payment mechanisms.

You find more information in the official whitepaper.

Source link

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *