12/6/2023, 7:02 AM (Source: TeleTrader)
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SocGen to reportedly debut own stablecoin on Wednesday

Societe Generale SA is poised to introduce its stablecoin, EUR CoinVertible, on the Luxembourg-based Bitstamp exchange, on Wednesday, marking the first instance of a major bank offering such tokens to a broad group of investors, the Financial Times reported.

The French bank's token, fully backed by euros, is set to challenge the dominance of existing stablecoins, which are predominantly 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," SocGen Forge CEO Jean-Marc Stenger told the media outlet.

According to the report, Societe Generale aims to leverage the stablecoin for settling trades in digital bonds, funds, and other assets.

Baha Breaking News (BBN) / NL