Société Générale Will Launch an ETH-Based Stablecoin

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Société Générale’s subsidiary, Forge, is launching a euro-denominated Ethereum-based stablecoin called CoinVertible.

The goal of this initiative is to bridge the gap between traditional financial markets and the digital asset ecosystem.

Convertible will serve as a settlement asset for transactions within the network, a corporate cash management solution, an asset for on-chain funding and refinancing, and a solution to meet intraday liquidity needs.

The token has been structured as a “digital asset” under French law and access is limited to investors of the Societe Generale group who have passed KYC/AML-CFT.

The composition of the reserves for the stablecoin will be published on the company’s website.