Flowdesk Selected by Forge to Mark Euro-Based Stablecoin

• Flowdesk Takes on Market Making Role for SocGen Forge's New Stablecoin
• Role of Market Makers
• Flowdesk's Vision for the Future
• Flowdesk's Responsibilities as a Market Maker
• EURCV Among Euro Stablecoins

Flowdesk Takes on Market Making Role for SocGen Forge's New Stablecoin

The blockchain-based market maker company, Flowdesk has recently been assigned by Societe Generale's Forge to act as the market maker for its novel Euro-based stablecoin, EUR CoinVertible (EURCV).

Role of Market Makers

Being a market maker involves delivering liquidity in financial markets by functioning as an intermediary that enables trades between purchasers and vendors, thereby guaranteeing smoother and more efficient transactions. Without the presence of market makers, finding a suitable buyer or seller for a specific financial instrument at a precise time and price could prove to be difficult and lead to periods of significant price volatility.

Flowdesk's Vision for the Future

Flowdesk forecasts a transformative impact as we approach 2024. The expectation is that institutions will significantly augment their volume of compliant blockchain-based operations, a reality Flowdesk has been preparing for since its inception, according to a statement from Guilhem Chaumont, CEO and co-founder of Flowdesk.

Flowdesk's Responsibilities as a Market Maker

In its role as a market maker, Flowdesk's responsibilities will include providing liquidity for EURCV-EUR and EURCV-USDT trading pairs on Bitstamp and other platforms. Furthermore, Flowdesk is among a select group of entities authorized by SG-FORGE to trade EURCV.

EURCV Among Euro Stablecoins

While EURCV is not the first Euro-denominated stablecoin to enter the market, it is the first Euro stablecoin to receive major institutional support. Both Circle and Tether$1.000 -0.12% have launched their own Euro stablecoins. However, these have thus far experienced thin trading volumes, according to on-chain data.

Edited by Jonathan Stoker