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Société Générale Enters Stablecoin Arena with EUR CoinVertible

Société Générale, France’s third-largest bank, is poised to launch its own stablecoin, EUR CoinVertible. The launch is set to happen on the Luxembourg-based cryptocurrency exchange Bitstamp, according to the latest report from the Financial Times. This move positions Société Générale as the first major bank to offer digital tokens tracking the value of hard currencies. Société Générale asserts that EUR CoinVertible will stand out by being fully backed by euros, in contrast to some stablecoins facing scrutiny over the audit of reserves supporting their tokens, like Tether. Jean-Marc Stenger, CEO of SocGen Forge, the bank’s digital assets unit.

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