Sygnum Bank partners with Société Générale to launch European Crypto-Based Stablecoin

In a significant move for the European digital asset landscape, Sygnum and Societe Generale-FORGE have announced a partnership aimed at enhancing the adoption of stablecoins within the region. This collaboration, which was initiated by a Maker DAO transaction in 2023, has already resulted in the availability of Societe Generale-FORGE's EURCV stablecoin on Sygnum's B2B platform.

Initially, EURCV, also known as Coinvertible, was made available on the Bitstamp exchange, but could only be transferred to whitelisted users. However, Sygnum is now making this stablecoin accessible to its 20+ partner banks, marking a new milestone in the collaboration between the two entities.

The EURCV stablecoin, compliant with the European Union's crypto law, MiCAR, is expected to play a crucial role in the institutional adoption of digital assets in Europe. Being MiCAR compliant means transfers of EURCV do not require pre-approval, similar to other stablecoins, providing a seamless and efficient user experience.

Sygnum, which recently landed a MiCAR license in Liechtenstein as part of its European expansion, is facilitating the adoption of EURCV for banks and financial institutions connected to its B2B platform. The total issuance of almost EUR 40 million of EURCV is still on Ethereum, but Societe Generale-FORGE plans to launch the stablecoin on the Solana blockchain and the XRP Ledger in the future.

While the specific name of the CEO of Societe Generale-FORGE involved in this context remains unidentified based on the provided data, the collaboration between the two entities is set to revolutionise the European digital asset market. The initiative is expected to bring about a more regulated and accessible digital asset ecosystem, fostering growth and innovation in the sector.

Sygnum Bank partners with Société Générale to launch European Crypto-Based Stablecoin