Kraken Welcomes EURCV, Société Générale’s Euro Stablecoin
Société Générale is accelerating its entry into cryptocurrencies. Its euro stablecoin, the EUR CoinVertible (EURCV), is debuting on Kraken, one of the world’s leading exchanges. The French bank will provide its own…
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https://cryptoast.fr/stablecoin-euro-eurcv-societe-generale-kraken/
Societe Generale's euro stablecoin arrives on Kraken, one of the oldest cryptocurrency exchange platforms. In a press release published this Tuesday, the French bank and Kraken announce the listing of the EUR CoinVertible (EURCV), issued by its subsidiary specializing in digital assets, Société Générale-FORGE (SG-FORGE).
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EURCV thus becomes, according to the two partners, the first stablecoin in euros issued by the subsidiary of a major European bank to be offered on Kraken.
The platform's millions of customers will be able to use this token, whose value is indexed to the euro, to buy, sell and transfer cryptocurrencies. Launched in 2023, EURCV currently has a capitalization of approximately $194 million.
Its use will then be extended to products derived from Kraken. In particular, traders will be able to deposit EURCV as collateral to open and maintain positions, including with leverage.
The other novelty concerns the role of Société Générale, which itself will ensure the liquidity of its stablecoin on Kraken by becoming a market maker.
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The bank will continuously offer buying and selling prices to facilitate EURCV trading. This mechanism aims to allow investors to trade quickly, without causing significant price variations.
Societe Generale thus claims to become “one of the first large banks in the world” to directly carry out this activity on the crypto markets.
The group's ambition is to make EURCV "the most liquid euro stablecoin in the world", by increasing the number of platforms on which it can be traded.
This new step is part of the development strategy of SG-FORGE, which also issues a dollar-indexed stablecoin, USDCV.
Both tokens comply with the European MiCA regulation, which governs crypto-assets. SG-FORGE notably has an electronic money establishment approval issued by the ACPR, the French banking supervisor.
Machine-translated from French
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