The SG-Forge CEO said that the EUR Coinvertible smart contract was audited by professional services network PwC before launch.
Societe Generale-Forge (SG-Forge), a regulated subsidiary of French banking firm Societe Generale, on 20 April announced Launch of the EUR Coinvertible, a stablecoin pegged to the Euro. Ethereum-based stablecoin will trade under the ticker EURCV and will be available to qualified institutional investors. Investors will have to go through SG-Forge’s KYC and Anti-Money Laundering procedures.
Jean-Marc Stenger, CEO of SG-Forge commented,
“In the coming weeks, Societe Generale-Forge will assess interest from potential customers and answer their questions to drive gradual adoption.”
The EURCV stablecoin is expected to “bridge the gap between traditional capital markets and the digital asset ecosystem” and will be accessible through qualified market platforms. According to SG-Forge, the token was created due to a growing demand for a new settlement asset for on-chain transactions. The stablecoin will also provide new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing.
SG-Forge revealed that the stablecoin is in full compliance with market standards including the Compliant Architecture for Security Tokens (CAST) framework for open-source interoperability and securitization. The firm has pledged to ensure “complete segregation” of the collateral assets that back the value of the stablecoin. It will provide daily transparency reports as well as collateral status.
The SG-Forge CEO also said that the Euro Coinvertible Smart Contract was audited by professional services network PwC prior to its launch. The firm also engaged the advisory services of law firm White & Case, with the fiduciary role being performed by Equity Gestion, a private equity firm under the jurisdiction of the French financial regulator Autorité des Marches Financiers.
The EUR CoinVertable was developed in compliance with the Upcoming Markets in Crypto-Assets (MiCA) framework, a set of regulations for digital asset service providers operating in the sector. Stenger believes that a stablecoin built under a banking-grade structure has more potential to build trust in the native crypto ecosystem.
“This issuance is an addition to SG-Forge’s roadmap to provide innovative solutions to its customers, either real money institutions and corporates or entities from the crypto industry, and to facilitate the emergence of new market infrastructure based on blockchain,” he added. Major step.” ,
One of the largest banks in France, Societe Generale, has been active in the crypto and blockchain space in recent years. The bank started providing custodial services for crypto fund managers through its Security Services subsidiary in September 2022. It is also considering issuing security tokens. The issuance of the Ethereum-based stablecoin is notable because it is the first such asset to be deployed on a public blockchain, according to the company. United States based JP Morgan Launched a stablecoin in 2020. However, the in-house stablecoin is used as a means of settlement between financial institutions and trades on the bank’s internal Onyx network.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT business management student. He loves to read, write, do crosswords and binge-watch his favorite TV series.
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