The euro stablecoin EUR Coinvertible (EURCV) of Societe Generale (GLE) is now trading on Bitstamp, a cryptocurrency exchange based in Europe.
Developed by SG Forge, the French bank’s cryptocurrency division, the Ethereum-based stablecoin was introduced in April to provide institutional clients with a way to connect traditional capital markets and digital assets. The asset management division of the massive insurance company AXA, AXA IM, used the stablecoin on Monday to purchase tokenized green bonds worth 5 million euros ($5.4 million).
The euro stablecoin, which is now available on Bitstamp, a cryptocurrency exchange based in Luxembourg, is the first to be issued by a fully regulated bank and is accessible to retail traders for the first time. Crypto-native companies like Tether, the creator of USDT, and Circle, the creator of USDC, which are both tethered to the US dollar, control the stablecoin market.
The exchange’s CEO, Jean Baptiste-Graftieaux, said in a statement that EURCV’s listing on Bitstamp “is the next step in building markets beyond the current dominance of USD-backed stablecoins.”
The French cryptocurrency financial services company Flowdesk recently declared that SocGen had selected it to serve as a market maker.