Bitstamp, a cryptocurrency exchange, has begun offering the ability to trade EURCV, a stablecoin developed by Societe Generale

Bitstamp listed the EURCV token on December 6th. This stablecoin, hosted on the Ethereum blockchain, has the euro as its base currency. Societe Generale released it at the end of April 2023.

On December 6, 2023, appeared . Societe Generale bank introduced it in April 2023.

Note that EURCV is fully backed by the euro. The issue of the asset is carried out by the company SG-FORGE, the cryptocurrency division of the bank.

Societe Generale CEO Jean-Marc Stenger said this is an important step towards the global implementation of the asset. The company became the first commercial bank to release its own stablecoin on the open market.

“The cryptocurrency ecosystem is heavily centered around certain stablecoins, 90% of which are denominated in US dollars. […] There is definitely a place in this area for both the bank and our euro-pegged asset,” the FT .

The Bank is actively introducing EURCV into its ecosystem. We previously reported that Societe Generale issued a tokenized bond on the Ethereum blockchain.

The bank's institutional client, AXA Investment Managers, purchased an unspecified number of bonds for a private placement, paying for the transaction in EURCV.

It is noteworthy that the asset caused a storm of criticism immediately after the presentation. The main complaint from the community is that it is centralized due to the specifics of the smart contract.