Societe Generale's (GLE) crypto division, SG Forge, has introduced a stablecoin pegged to the euro (EUR) on Ethereum, saying it is the first such asset deployed on a public blockchain.
EUR CoinVertible (EURCV) will be offered to institutional clients as a means of bridging the gap between traditional capital markets and digital assets, the Paris-based bank's unit said on its website on Thursday.
SG Forge said it is addressing increasing demand from clients for a robust settlement asset for on-chain transactions, as well as a means for on-chain liquidity funding and refinancing.
While U.S. banking giant JPMorgan's in-house stablecoin JPM coin has been in use since 2020 as a settlement token between financial institutions, it trades on the bank's internal Onyx network, not a public blockchain.
The Societe Generale division won registration from France's Autorité des Marchés Financiers (AMF) to offer cryptocurrency trading and custody services last September, in a sign of the gathering momentum of institutional adoption of digital assets in France.
Europe is balancing crypto innovation with regulation, highlighted by Societe Generale's EURCV stablecoin launch and Germany's closure of 47 exchanges over compliance issues.
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