French banking giant Société Générale has unveiled its own fully-regulated stablecoin built on the Ethereum network as banking giants are digging deeper into the digitization of financial services.
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According to a press release published on Thursday, the bank launched the new product through its crypto arm called FORGE. The new stablecoin dubbed CoinVertible (EURCV) has been audited by PriceWaterhouseCoopers and is designed for on-chain liquidity funding and refinancing solutions. As per data from Etherscan, FORGE issued 10 million EURCV. However, as of press time, all the tokens are controlled by a single Ethereum address.
Société Générale plans to offer the stablecoin to qualified institutional investors only through "reputable digital asset exchanges" where it plans to list EURCV in the coming months.
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