Société Générale to Launch Stablecoin on Bitstamp

By Mark Hunter

4 days agoThu Dec 07 2023 08:23:06

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• Société Générale has actually introduced its stablecoin, EUR CoinVertible (EURCV), on Bitstamp
• EURCV is totally backed by money deposits and has actually begun with an $11.3 million market cap
• Société Générale is the very first huge bank to use such an item

Société Générale the other day exposed that it will introduce its own stablecoin, EUR CoinVertible (EURCV), on the Bitstamp cryptocurrency exchange, making it the very first significant bank to do so. The relocation represents a significant entry for standard banks into a domain mainly inhabited by specialized digital possession companies. Bitstmap states that the EURCV is backed by deposits in euros and money equivalents and is protected by a legal structure guaranteeing defense from market crises’.

$11.3 Million Market Cap

Société Générale’s EURCV coin, which is noted worldwide apart from the United States and Singapore, has an overall supply of 10.5 million, providing it a market cap of $11.3 million. This puts it in 44th location in the worldwide stablecoin rankings, sandwiched in between the YUSD and USDX stablecoins.

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