Société Générale, one of the early major European banks to enter the stablecoin market, has launched its native stablecoin linked to the euro. As reported by the Financial Times, the Luxembourg-based cryptocurrency exchange Bitstamp will host the launch of the EUR CoinVertible (EURCV) stablecoin.

Bank clients will have the opportunity to engage in the digital asset market with full support for EURCV in euros. These assets can be traded and will be accessible to a broad range of consumers.

Jean-Marc Stenger, the CEO of Société Générale Forge, emphasized the need for a euro-backed stablecoin and stated that the new stablecoin underscores the bank's role in the evolving cryptocurrency space.

While stablecoins tied to the U.S. dollar, such as Tether (USDT) and USD Coin (USDC) by Circle, dominate the private crypto stablecoin market, Stenger described the bank's move as more than just a novelty. He explained that the new stablecoin was created with the intention of using it for settling transactions involving digital funds, bonds, and other assets. Furthermore, he mentioned that the versatile application of the stablecoin allows for its adoption by various financial service providers beyond the Société Générale platform. #stablecoin