The French banking conglomerate Société Générale has collaborated with the crypto exchange Bitpanda to make its Euro-denominated stablecoin EUR CoinVertible, available on the exchange. Société Générale expressed that adding its stablecoin to the crypto exchange would provide European users with more regulated digital asset options on Bitpanda.
Bitpanda will work with the global banking giant’s blockchain department, Société Générale-FORGE (SG-FORGE), to provide the MiCA-compliant stablecoin on its platform. According to the SG-FORGE announcement, the partnership is a step toward achieving widespread adoption of digital assets in the European space. SG-FORGE also mentioned that both companies shared a long-term goal to increase global digital asset adoption.
The partnership comes as crypto companies in the European Union gear up to fully comply with the Markets in Crypto-Assets (MiCA) regulatory framework. The implementations set for December this year would make the European Union the first jurisdiction with a comprehensive crypto regulatory framework.
Société Générale believes stablecoins can link TradFi and crypto
The banking conglomerate trusts that regulated stablecoins like the EUR CoinVertible (EURCV) can bridge traditional finance and the digital asset economy. The SG-FORGE CEO Jean-Marc Stenger commented that stablecoins offer a more secure and efficient store of value. Stenger also confirmed that with Bitpanda, SG-FORGE investors can participate in digital economies in a safer environment.
“Together with Bitpanda, we are confident in our ability to offer European users a stable, secure and accessible digital asset for trading, settlement and store of value.”
Through the partnership, Stenger hopes to rely on Bitpanda’s easy-to-use and intuitive ecosystem to provide more reliable financial solutions to its European investors. He also mentioned that the exchange’s network provides SG-FORGE investors an easier and more confident way to interact with the EUR CoinVertible (EURCV).
SG-FORGE expects the collaboration to increase the use cases of its stablecoin across Europe. The department expects the EUR CoinVertible to gain uses like cross-border payment and daily transactions, potentially improving the stability of stablecoin.
Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad commented on the partnership, saying that Euro-denominated stablecoins would be the future of digital assets in Europe. He also mentioned that stablecoins will act as the bridge between digital economies and TradFi, and the collaboration would bring the bridging possibility a step closer.
SG-FORGE to launch EUR CoinVertible on Solana
SG-FORGE announced on September 20 that it plans to launch the EUR CoinVertible (EURCV) stablecoin on the Solana network. The Société Générale blockchain department explained that launching the stablecoin on Solana would provide investors with access to fast, secure, and low-cost digital transactions and access to decentralized applications.
The latest plans SG-FORGE has initiated for the stablecoin are notably part of the department’s greater plans to improve it and accelerate its distribution and use. SG-FORGE also listed EUR CoinVertible on Bitstamp in December 2023 as part of the stablecoin’s adoption efforts.
