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Societe Generale-FORGE Launches Stablecoin EUR CoinVertible on Ethereum Public Blockchain

Cointime Official

April 21 (Cointime) - Societe Generale-FORGE (SG-FORGE), a subsidiary of Societe Generale group dedicated to digital assets, has announced the launch of EUR CoinVertible, a stablecoin that maintains a stable value. 

The digital asset is deployed in Euro denomination on the Ethereum public blockchain, with the ticker code EURCV. This project is part of SG-FORGE's business offer to institutional clients looking for innovative settlement and cash management solutions. It's also designed to bridge the gap between traditional capital markets and the digital assets ecosystem.

Jean-Marc Stenger, Chief Executive Officer at SG-FORGE said: “Digital assets with stabilisation mechanisms – i.e. stablecoins – built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem. This issuance is a major step in Societe Generale–FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”

According to the press release, EUR CoinVertible has been construed as a ‘digital asset’ (“actif numérique” as defined in Article L. 54-10-1 of the French Financial and Monetary Code) designed to fulfill institutional investors’ expectations. Its main characteristics are the following:

  • a secure legal structure guaranteeing (i) the complete segregation of the collateral assets held to back the value of the stablecoins from the issuer, (ii) with a direct access given to token-holders on the collateral assets, and (iii) the implementation of business continuity plan mechanisms in case of a market or technological event,
  • stringent and predefined collateral eligibility criteria (minimum rating, liquidity),
  • daily transparency on EUR CoinVertible amount and collateral positions, as well as on the value and composition of the collateral, available on SG-FORGE website,
  • request to assign a credit rating to the EUR CoinVertible made to a leading independent credit rating agency,
  • access to EUR CoinVertible limited to investors onboarded by Societe Generale group through its existing compliance procedures (KYC / AML-CFT, etc.),
  • interoperability and compatibility of the EUR CoinVertible with traditional systems and financial practices thanks to its implementation under the principles of the CAST framework,
  • publication of the source code of the EUR CoinVertible’s smart contract under the Apache 2.0 open source license.
stablecoin Ethereum Blockchain
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