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🔥 CoinVertible: French token for the general public
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SG FORGE, a subsidiary of financial conglomerate Société Générale, yesterday launched a euro-denominated Ethereum-based stablecoin called
CoinVertible (EURCV) on Luxembourg exchange Bitstamp. This is the first euro-pegged banking token for investors of any capital level. Nothing is yet known about the listing of the token on other crypto exchanges.
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The convertible will complement the SG Forge product line and should be used as:
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• an asset for transactions within the network;
• corporate cash management tool;
• asset for on-chain funding and refinancing;
• a tool for solving intraday liquidity problems.
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The token is structured as a «digital asset» according to French law. Access to
CoinVertible is currently limited to Societe Generale group investors who have completed KYC/AML.
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Let us remind you: in October 2022, members of the EU Council signed the text of MiCA. The bill includes rules that apply to issuers of fiat-crypto assets, stablecoins, trading and custodial platforms.
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Participants in the crypto community have already drawn attention to problems in the token code, in particular, the low efficiency of the settlement system. To conduct a transaction with EURCV, the user needs to be approved by the centralized banking system, which makes transactions too expensive and slow. Representatives of Société Générale have not yet commented on these problems.
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EUR CoinVertible will try to clear living space for itself in an ecosystem where financial reserves are focused around the dollar projects Tether and Circle. The collateral of the new stablecoin is segregated. The composition of the reserves will be published on the SG FORGE website.
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Let's see what comes of this.
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Profits to y’all!