Today Societe Generale Forge (SocGen Forge) unveiled the EURCV stablecoin (EUR CoinVertible), which is initially being issued on the Ethereum public blockchain with plans for other blockchains as well. This is the first public blockchain stablecoin issued by a subsidiary of a global systemically important bank (G-SIB).
SocGen Forge has been at the cutting edge of blockchain for some time, providing the infrastructure for the first blockchain bond issued by the European Investment Bank (EIB) on Ethereum. Like that bond, the stablecoin uses Forge’s CAST framework for tokenization. It was also the first major commercial bank to launch a public blockchain bond back in 2019.
The motivation for the issuance includes using it as a robust settlement asset for on-chain transactions. The DLT Pilot Regime is now in force, although no major projects have yet been unveiled. Other client needs that SocGen Forge is targeting include corporate treasury, on-chain liquidity funding and an asset for margin calls.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
