Société Générale is set to launch its own stablecoin called EUR CoinVertible, on Bitstamp, becoming the first big bank to offer digital tokens tracking the price of hard currencies to a wide range of investors.
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Société Générale to become first big bank to list a stablecoin
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“The crypto ecosystem is highly concentrated on a few existing stablecoins, 90 per cent denominated in US dollars . . . we definitely think that there is a place for a bank in this field and there is a place for a euro [denominated] stablecoin,” Jean-Marc Stenger, chief executive of SocGen Forge, the bank’s digital assets unit, told the Financial Times. While some large investment banks such as JPMorgan have their own stablecoins, they are only available to small groups of institutional clients. In contrast, SocGen’s stablecoin will be widely available for trading.
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