Traditional Finance Giant Societe Generale Set to Pioneer Stablecoin Introduction on Bitstamp
In a groundbreaking move, Societe Generale, one of France’s largest banks, has reportedly become the first traditional finance (TradFi) institution to venture into the stablecoin realm.
The bank has launched its own Euro-pegged digital asset, named the EUR ConVertible, on Bitstamp, a Luxembourg-based crypto exchange platform. This marks a significant departure in the stablecoin domain, traditionally dominated by crypto firms like Tether and Circle. Jean-Marc Stenger. CEO of SocGen Forge, the bank’s digital assets unit, emphasizes the need for diversity in stablecoins, especially in euros. Stenger envisions the EUR ConVertible being utilized for settling trades involving digital bonds and assets, adhering to the upcoming EU’s Markets in Crypto-Asset Regulation (MiCA) laws.
Moreover, Stenger assures compatibility with various platforms and financial institutions. Emphasizing that holders won’t be exposed to the bank itself. Societe Generale has been actively embracing digital innovation. Recently issuing the first-ever digital green bond on the Ethereum blockchain to enhance transparency in ESG data.
Clever Robot News Desk 8th December 2023