Société Générale launches EUR CoinVertible stablecoin

Gambling with stablecoins can limit the volatility found within crypto casinos, with the initial value of a bet remaining the same.

Société Générale crypto division has launched a stablecoin pegged to the Euro.

EUR CoinVertible is deployed by SG Forge on the Ethereum public blockchain – the first institutional stablecoin to be introduced on such a platform.

It is designed to “bridge the gap between traditional capital markets and the digital assets ecosystem based on the CAST”, or Compliant Architecture for Security Tokens, said the SG Forge website.

CAST is an open-source framework with coding components designed to aid and secure the trade of securities on a blockchain.

SG Forge chief executive Jean-Marc Stenger said: “Digital assets with stabilisation mechanisms, built under a robust banking-grade structure, will be a key element to increase trust and confidence in the native crypto ecosystem.”

Gambling with stablecoins can help limit the volatility found within crypto casinos, as price fluctuations are effectively eliminated, as stablecoins are always worth the same amount. Hence, the initial value of a bet remains the same.

The coin is part of the French-based multinational financial services company’s digital assets initiative, to develop secure and transparent digital asset services for institutional investors.

EUR CoinVertible has a secure legal structure guaranteeing complete segregation of the collateral assets held to back the value of the stablecoins from the issuer, with direct access given to token-holders on the collateral assets.

Access to EUR CoinVertible is currently limited to investors within the SG banking group, using know-your-customer and anti-money laundering compliance procedures.

The launch of SG’s stablecoin coincides with the recent approval of the Markets in Crypto-Assets Act, a crypto licensing regime by European Union (EU) lawmakers, a system that will cover crypto assets not regulated by existing financial services legislation.

The EU is the first major jurisdiction in the world to introduce a comprehensive crypto law, which will apply to all member states, and should take effect within the next two years.

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Written by Silvia Pavlof

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