Euro Stablecoin EURCV Launches Trading on Bitstamp, Backed by Societe Generale

• EUR Coinvertible (EURCV) Starts Trading on Bitstamp
• First Euro Stablecoin Issued by a Regulated Bank
• Building Markets Beyond USD-Backed Stablecoins
• Stablecoin Market Expansion

EUR Coinvertible (EURCV) Starts Trading on Bitstamp

The euro stablecoin EUR Coinvertible (EURCV), developed by Societe Generale's (GLE) crypto division, SG Forge, has commenced trading on the European cryptocurrency exchange Bitstamp. This Ethereum$2,315 -2.42%-based stablecoin was initially launched in April as a tool for institutional clients to merge traditional capital markets and digital assets. Notably, it was utilized by AXA IM, the asset management division of the insurance magnate AXA, to procure 5 million euros ($5.4 million) worth of tokenized green bonds on Monday.

First Euro Stablecoin Issued by a Regulated Bank

The ability to list on the Luxembourg-based Bitstamp allows for greater access to retail traders and represents the first instance of a euro stablecoin issued by a fully regulated bank being made available on a cryptocurrency exchange. The stablecoin market is primarily controlled by crypto-native firms like Tether$1.000 -0.12% and Circle, developers of USDT and USDC respectively, both of which are linked to the U.S. dollar.

Building Markets Beyond USD-Backed Stablecoins

Bitstamp CEO, Jean Baptiste-Graftieaux, expressed that the listing of EURCV on Bitstamp represents the next progression in the creation of markets that extend beyond the current dominance of USD-backed stablecoins. Furthermore, it was released on Tuesday that French crypto financial services firm Flowdesk has been selected as the market maker by Societe Generale.

Stablecoin Market Expansion

The latest developments come as fresh money flows into the crypto sector, with the stablecoin market expanding following a downswing that lasted for 18 months.

Edited by Jonathan Stoker