SocGen digital asset arm unveils Euro-pegged Ethereum stablecoin
The digital asset arm of French multinational Societe Generale has developed CoinVertible, a stablecoin pegged to the Euro on the Ethereum blockchain.
SG-FORGE unveils stablecoin
Built for institutional clients seeking enhanced settlement and cash management solutions, CoinVertible also addresses on-chain liquidity funding and refinancing, as well as intra-day liquidity needs such as margin calls.
SG-FORGE is developing digital asset projects that operate “in a secure and transparent framework” for institutional investors, in line with banking legal and regulatory standards.
SG-FORGE CEO Jean-Marc Stenger says “robust banking-grade” stablecoins will be key to increasing trust and confidence in the cryptosphere and CoinVertible is part of the firm’s aim to develop and facilitate the emergence of new market infrastructures based on blockchain technology.
The stablecoin is designed to bridge the gap between traditional capital markets and the burgeoning digital asset ecosystem based on the CAST open-source interoperability and securitisation framework.
The CAST framework provides open-source solutions for distributed ledger technology integrations within current financial infrastructures.
SG-FORGE intends to work with “reputable” digital asset exchanges and trusted third-party platforms to have the CoinVertible stablecoin listed in the coming months.
