Societe Generale-FORGE Unveils Transformative Updates to EUR CoinVertible Stablecoin

Societe Generale-FORGE (SG-Forge), a regulated subsidiary of Societe Generale, has announced a series of significant updates to its EUR CoinVertible (EURCV) stablecoin. These changes align with the European Markets in Crypto-assets (MiCA) regulation, facilitating widespread adoption and distribution.

Launched in April 2023 on the Ethereum public blockchain for institutional clients, EUR CoinVertible has proven its utility and reliability. SG-Forge has now restructured EURCV to meet all open stablecoin capabilities by July 1, 2024. The stablecoin will comply with MiCA regulations and allow free transferability without whitelisting restrictions. These changes are expected to enhance EURCV’s adoption while maintaining high standards of compliance and security.

Jean-Marc Stenger, Chief Executive Officer of Societe Generale-FORGE, commented, “Robust and regulated stablecoins are essential for the proper functioning, security, and institutionalization of crypto-asset markets. With EUR CoinVertible and the European MiCA regulation, SG-Forge strengthens its offering to crypto ecosystems while developing innovative cross-border settlement and payment solutions for corporate and financial institution clients.”

SG-Forge has also been licensed as an Electronic Money Institution (EMI) by the French Autorité de contrôle prudentiel et de résolution (ACPR). Additionally, SG-Forge was the first company licensed as a Digital Asset Service Provider (agrément de Prestataire de Services sur Actifs Numériques – PSAN) by the Autorité des marchés financiers (AMF) in July 2023.

The restructuring of EURCV into an Electronic-Money Token (EMT) ensures full compliance with the EU MiCA regulation, which will apply to all stablecoin issuances and offerings in the European Union starting June 30, 2024. This restructuring supports SG-Forge’s commitment to regulatory best practices.

SG-Forge also announced a new partnership with Wintermute, a dedicated liquidity provider for EURCV. This collaboration aims to enhance market depth, reduce volatility, and provide users with a seamless trading experience, reinforcing EURCV’s position as a premier stablecoin trading on the preferred crypto-exchange Bitstamp.

Investors will now be able to consider new use cases for EURCV, including seamless integration into the rapidly growing Decentralized Finance (DeFi) space. These developments mark a significant milestone in SG-Forge’s mission to provide robust alternatives to existing stablecoins and advance innovative blockchain-based solutions for its clients.

The EURCV MiCA white paper is available here.

The public address of the EURCV smart contract on Ethereum is: 0x5F7827FDeb7c20b443265Fc2F40845B715385Ff2.

About Societe Generale-FORGE

Societe Generale-FORGE, an integrated and regulated subsidiary of the Societe Generale Group, is authorised as an investment firm and authorised to provide MiFID II investment services under the supervision of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the supervision of the Autorité des marchés financiers (AMF), authorised as an electronic money institution by the ACPR, and registered and authorised as a digital asset service provider (DASP) by the AMF.

Societe Generale-FORGE has built an open, secure and institutional-grade platform for digital asset trading, backed by bank-grade security and regulatory compliance. The digital solutions and assets developed by SG-FORGE are in line with the CAST open source interoperability and security marketplace model.

Image by Thomas Kelley from Unsplash

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