Blockchain for Banking News

SocGen Forge awarded e-money license for EURCV stablecoin

socgen eurcv stablecoin mica eu

Circle was not the only stablecoin issuer to be awarded an Electronic Money Institution (EMI) license by France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR). Societe Generale – Forge (SG Forge) also announced it received a license and was making its EURCV stablecoin compliant with the MiCA regulations that came into force on 30 June.

Until now the public blockchain stablecoin has only been transferable to whitelisted addresses, but that restriction is now lifted. However, it is not available to U.S. residents. Additionally, SG Forge has contracted with Wintermute to act as an additional liquidity provider for the EURCV stablecoin.

“Robust and regulated stablecoins are essential for the proper functioning, security and institutionalization of crypto-asset markets,” said Jean-Marc Stenger, CEO of Societe Generale – Forge. “With EUR CoinVertible, and the implementation of the European MiCA regulation, SG Forge is strengthening its offering to crypto ecosystems while continuing to develop innovative cross-border settlement and payment solutions based on blockchain technology for its corporate and financial institution clients.”

Late last year SG Forge relaunched its stablecoin and used it to settle a digital bond issuance. It also partnered with Flowdesk to provide liquidity for EURCV-EUR and EURCV-USDT (Tether) trading pairs on cryptocurrency exchange Bitstamp.

In today’s announcement SG Forge said it plans to launch new stablecoin use cases, including integration with DeFi. It previously ran experiments involving MakerDAO.

To date there hasn’t been a huge amount of EURCV activity, but more compared to last year. The current EURCV balance is €11.1 million, with one wallet holding a €10.3 million balance and Bitstamp just under €600,000.