Societe Generale, one of the French banking giants, announced that they have launched an Ethereum (ETH)-based stablecoin for their institutional customers.
The stablecoin named "EUR CoinVertible", which will be launched on the Ethereum blockchain, will be launched by Forge, the crypto arm of Societe Generale.
The stablecoin in question will be pegged to the Euro.
EUR CoinVertible has been described by the company as a "digital asset designed to meet the expectations of institutional investors".
“Forge, a fully integrated and regulated subsidiary of the Societe Generale group focused on digital assets, has launched EUR CoinVertible.
EUR CoinVertible is built on the Ethereum blockchain and will be pegged to the Euro.
This stablecoin project is designed to bridge the gap between traditional capital markets and the digital asset ecosystem."
Forge CEO Jean-Marc Stenger said in a statement that stablecoins will be a key element in boosting confidence in the local cryptocurrency industry:
This stablecoin issuance is an important step in Societe Generale–FORGE's roadmap to deliver innovative solutions to its clients, whether real money institutions and corporations or legal entities of the crypto industry, and facilitate the emergence of new market infrastructures based on blockchain technology."