Société Générale - FORGE introduces CoinVertible, the future of stablecoins

Through its crypto-dedicated subsidiary SG-Forge, La Société Générale is increasingly anchoring itself in the European crypto ecosystem. In recent months, the French multinational bank has been multiplying its initiatives to integrate cryptos into its traditional service offering.

CoinVertible: the 1st institutional stablecoin launched on a public blockchain

Société Générale is registered through the financial markets regulator (AMF) to offer digital asset services in France. Now, the institution seems committed to capitalizing on it to gain a lasting foothold in the French crypto industry.

This ambition seems to have already become a reality with the EUR CoinVertible (EURCV). This is a stablecoin officially launched this Thursday, April 20, by SG-Forge, the crypto subsidiary of the Société Générale Group. As the first stablecoin to be launched in France through an institution, EURCV is an unprecedented initiative.

Beyond its unique nature, the asset is intended to bridge the gap between the traditional financial system and the crypto ecosystem. This is the very purpose of its deployment in Euro, on the public Ethereum blockchain.

As stated by SG-Forge in a press release, the move is “intended to help bring traditional financial markets closer to the digital asset ecosystem by building on the CAST open source interoperability standard.“

Specifically, the EURCV should promote “innovative settlement and cash management solutions” for investors. This will be done by offering an alternative that meets the need to carry out transactions through the blockchain.

In accordance with this goal, the Société Générale subsidiary is considering collaboration with reputable crypto exchanges and trusted third parties. The idea is to make stablecoin more accessible to institutional investors.

For Jean-Marc Stenger, SG-FORGE’s CEO, this project is a major step forward in the company’s crypto strategy. According to him, this strategy consists in “offering innovative solutions to its financial institution clients“. The ambition is to “facilitate the emergence of new market infrastructures based on blockchain technology“.

As cryptos face an unprecedented crisis of confidence, stablecoin projects may be a lifeline for the industry. According to some analysts, the volatility inherent in the industry could diminish as more institutions join this market.