Societe Generale-FORGE (SG-Forge), an integrated and regulated subsidiary of Societe Generale, unveils a series of transformative updates to its EUR CoinVertible (EURCV) stablecoin in compliance with the European Markets in Crypto-assets (MiCA) regulation, to allow widespread adoption and distribution. SG-Forge intends to develop a robust offer for crypto-asset investors as an alternative to existing stablecoins, while continuing to develop innovative cross-border settlement and payment solutions based on blockchain technology for its corporate and financial institution clients.
Launched in April 2023 on the Ethereum public blockchain for Societe Generale’s institutional clients, EUR CoinVertible has demonstrated its utility and reliability. SG-Forge has restructured EURCV to ensure, from July 1st 2024, that all capabilities of an open stablecoin are met: compliance with the MiCA regulation and free transferability without whitelisting restrictions. These significant changes pave the way for a wider adoption of EURCV, while maintaining high compliance and security standards.
Investors will hence be able to consider new use cases for EURCV, including seamless integration into the dynamic and rapidly growing Decentralized Finance (DeFi) space.
In a steadfast commitment to regulatory best practices, SG-Forge has restructured its stablecoin into an Electronic-Money Token (EMT) in full compliance with the EU MiCA regulation which will apply from June 30, 2024 onward to all stablecoin issuances and offerings in the European Union.
In this context, SG-Forge has been licensed as an Electronic Money Institution (EMI) by the French Autorité de contrôle prudentiel et de résolution (ACPR). SG-Forge was also the first company to be licensed in July 2023 as Digital Asset Service Provider (agrément de Prestataire de Services sur Actifs Numériques – PSAN) by the Autorité des marchés financiers (AMF).
“Robust and regulated stablecoins are essential for the proper functioning, security and institutionalization of crypto-asset markets. With EUR CoinVertible, and the implementation of the European MiCA regulation, SG-Forge is strengthening its offering to crypto ecosystems while continuing to develop innovative cross-border settlement and payment solutions based on blockchain technology for its corporate and financial institution clients.” says Jean-Marc Stenger, CEO of Societe Generale – Forge.
SG-Forge also announces a new partnership with Wintermute, which joins as an additional dedicated liquidity provider for EURCV. This collaboration will enhance market depth, reduce volatility, and provide users with a seamless trading experience, solidifying EURCV’s position as a premier stablecoin trading on preferred crypto-exchange Bitstamp
The EURCV MiCA white paper is available here.
The public address of the EURCV smart contract on Ethereum is: 0x5F7827FDeb7c20b443265Fc2F40845B715385Ff2.
Source: SG-Forge
The 3rd largest bank in France (6th largest in Europe) now runs a permissionless stablecoin on Ethereum, thanks to the new MiCA crypto legislation 🚀https://t.co/pMALDCMyuC
— ⟠ (@ryanberckmans) July 3, 2024
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