Forge, the crypto subsidiary of Societe Generale has revealed plans to introduce “CoinVertible,” a stablecoin for the euro, on the Ethereum network.
Forge, a Crypto Subsidiary of Societe Generale, Introduces an Ethereum-Based Euro Stablecoin
The investment bank wants to “bridge the gap between traditional capital markets and the digital assets ecosystem,” according to the news. The Compliant Architecture for Security Tokens, known as CAST, the framework serves as the foundation for the token. CAST collaborates with financial institutions to provide OTC trading, post-trade settlement, and digital assets.
About CoinVertible
For robust settlement alternatives for on-chain transactions, on-chain liquidity, and response to intra-day liquidity requirements like margin calls, the stablecoin will be available. Moreover, in the upcoming months, the stablecoin will be made available for trading on exchanges and other platforms.
Forge CEO’s Statement
Stablecoins will be a “key element to increase trust and confidence in the native crypto ecosystem,” according to a statement from Jean-Marc Stenger, CEO of Forge.
“This issuance is a major step in Societe Generale–FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology,”
Jean-Marc Stenger, CEO of Forge
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