A major French bank's digital asset arm has listed its stablecoin on European exchange Bitstamp, which is seeking a licence in Singapore.
Societe Generale, France's thirdlargest listed bank, is the first past the post in what could be a trend in 2024, with institutional players showing a keen interest in issuing their own stablecoins.
Its subsidiary, Societe GeneraleForge, on Dec 6 issued its europegged stablecoin or EUR CoinVertible (EURCV) on the Ethereum public blockchain.
A stablecoin is a digital token that is usually pegged to a major currency on a one-to-one basis.
The subsidiary said in its white paper that the stablecoin will be backed only by cash deposits opened in reputable credit institutions and high-quality securities.
It said the listing is to cater to customer demand for a robust settlement and store-of-value asset for on-chain transactions.
There has also been demand for an innovative solution for cash management and cash pooling activities, as well as enhanced collateral management, the subsidiary added.
Diese Geschichte stammt aus der December 07, 2023-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 07, 2023-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Response to retention of Siglap block shows everyday buildings have value
As to what to do with it now, one could look to Hong Kong's Mei Ho House for inspiration
Worker taken to hospital after falling 2.3m at RTS Link construction site
A construction worker was injured on Oct 10 after falling from a height of about 2.3m at a worksite for the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link station in Woodlands North.
Battered Florida begins long road to recovery after major hurricanes
Many still without power, water and sewage services; clearing of debris may take months
Famous red gate at Tokyo university in danger of collapsing
TOKYO — Generations of Japan’s top scholars and leaders have passed through it on their way to building an advanced society. Now the Akamon Gate, the distinctive red gate on The University of Tokyo’s campus in central Tokyo, is in danger of collapse.
Northern Lights animate night skies around the globe
NEW YORK - Night skies came aglow on Oct 10 with the shimmering palette of the Northern Lights, or aurora borealis.
Remains of climber who went missing 100 years ago found on Everest
KATHMANDU – A documentary team discovered human remains on Mount Everest apparently belonging to a man who went missing while trying to reach the summit of the peak 100 years ago, National Geographic magazine reported on Oct 11.
From timber to tech Sibu's spotty transition to joining Sarawak's booming economy
SIBU, Sarawak - On the hour-long cruise along Sibu's waterfront, a recorded audio commentary boasts that the town once had more millionaires than anywhere else in Borneo, thanks to the post-war timber boom.
Two Singaporeans among six opera performers arrested in Penang
BUTTERWORTH, Penang - Six foreign opera actors, including two Singaporean women, were apprehended in Penang, Malaysia, for allegedly breaching their social visit passes by staging performances.
Woman in Russian tank factory sent to penal colony for selling info to Ukraine
MOSCOW - A woman who worked for a Russian tank factory was convicted of treason and sentenced to 12 1/2 years in a penal colony on Oct 11 for selling military information to Ukraine.
Malaysians capitalising on stronger ringgit to buy gadgets
GEORGE TOWN, Penang - With the ringgit on an upward trend, upgrading electronic gadgets seems to be on everyone's minds in Malaysia now.
