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.
This story is from the December 07, 2023 edition of The Straits Times.
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This story is from the December 07, 2023 edition of The Straits Times.
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