Societe Generale launches stablecoin in euro

Société Générale has announced the launch of a "first institutional Euro stablecoin". According to a press release the EUR CoinVertible will be listed on the Bitstamp crypto exchange. The cryptocurrency, which is linked to the value of the euro, will be issued on the Ethereum blockchain.

According to Societe Generale, stablecoin serves as a "robust scheme and store of value for on-chain transactions." There is demand from "investors in the cryptoasset ecosystem" and "traditional financial market participants" who can "conduct transactions based on the same stable digital asset."

"We are privileged to have been chosen as the first crypto exchange to market EURCV and we are excited to see how adoption develops," said Bitstamp CEO Jean-Baptiste Graftieaux.