SCGLY - Societe Generale's Forge launches euro-pegged stablecoin on ethereum

2023-04-20 11:32:38 ET

As part of its effort to bridge the gap between traditional capital markets and digital assets, Societe Generale's ( OTCPK:SCGLF )( OTCPK:SCGLY ) cryptocurrency-focused unit Forge has introduced a euro-pegged stablecoin on the ethereum ( ETH-USD ) blockchain, according to a release dated Thursday.

The so-called EUR CoinVertible will be offered to institutional clients amid growing needs for a strong settlement asset for on-chain transactions, as well as on-chain liquidity funding and refinancing solutions.

A stablecoin is a type of crypto whose value is tied to that of another currency, commodity or financial instrument. For instance, tether ( USDT-USD ) -- the largest stablecoin by market cap -- maintains its peg to the U.S. dollar -- for the most part -- by keeping adequate currency in reserves.

The Paris, France-based bank's division said it will work with certain digital asset exchanges and third-party platforms to have its new stablecoin listed in the months ahead .

In October 2022, SG Forge won registration from French regulator to offer crypto services.

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