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"On December 6, according to the Financial Times, Societe Generale, the third-largest bank in France, will launch its own stablecoin on the cryptocurrency exchange Bitstamp. The stablecoin, named ""EUR CoinVertible,"" is set to become the first large bank to offer a digital token tracking the price of a hard currency to a wide range of investors. This stablecoin will be fully backed by the Euro.
While some major investment banks like JPMorgan have their own stablecoins, they are only available to a limited number of institutional clients. In contrast, Societe Generale's stablecoin aims to be widely used for trading. Jean-Marc Stenger, the CEO of the bank's digital assets division, mentioned that as traditional financial institutions explore digital ledgers, they hope their stablecoin will be used for settling transactions involving digital bonds, funds, and other assets. The stablecoin can be used on different platforms and among different financial service providers, with the Euro-backed assets held by a trust fund managed by a third party. Additionally, the stablecoin is open to any user, whether on the bank's platform or operators on other platforms." |
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Post time 10-12-2023 22:21:25