The French bank initiates the trading of a token fully backed by euros on the Bitstamp exchange.
On Wednesday, Société Générale, France's third-largest bank, is set to introduce its own stablecoin, named EUR CoinVertible, on the Bitstamp exchange located in Luxembourg.
This development represents a notable entry by a traditional financial institution into the realm of cryptocurrency trading, an arena typically dominated by specialized digital assets firms.
The move into stablecoins is garnering heightened scrutiny from regulators, as evidenced by the UK's recent proposals to integrate these tokens into the broader economy.
Jean-Marc Stenger said on Financial Times that: “The crypto ecosystem is highly concentrated on a few existing stablecoins, 90 per cent denominated in US dollars . . . we definitely think that there is a place for a bank in this field and there is a place for a euro [denominated] stablecoin,”
Asset managers and banks are progressively delving into the tokenization of assets like bonds and funds, necessitating digital cash. However, the market remains relatively limited. A positive development for the industry occurred last month when the UK Treasury and Financial Conduct Authority granted approval for fund managers to tokenize their funds, provided they comprise "mainstream" assets.
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