Swiss digital asset bank Sygnum announced it would make Societe Generale-FORGE’s EURCV stablecoin available to Sygnum’s 20+ partner banks for whom it provides cryptocurrency services. EURCV, also known as Coinvertible, is compliant with the European Union’s crypto law, MiCAR. Sygnum recently landed a MiCAR license in Liechtenstein as part of its European expansion.
While SocGen FORGE has plans to launch the stablecoin on the Solana blockchain and the XRP Ledger, today the total issuance of almost EUR 40 million is still on Ethereum, as it has been since its 2023 launch. When EURCV was initially made available on the Bitstamp exchange, it could only be transferred to whitelisted users. A key advantage of being MiCAR compliant is transfers do not require pre-approval, similar to other stablecoins.
“As our relationship with Sygnum was initiated by the Maker DAO transaction in 2023, the adoption of the EURCV for banks and financial institutions connected to Sygnum’s B2B platform represents a new milestone in the collaboration,” said Jean-Marc Stenger, Societe Generale-FORGE CEO. “This initiative will enhance digital asset institutional adoption in Europe with a fully regulated stablecoin.”
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