Gate News bot news, the trading division of the crypto assets payment company BCB Group, BCB Markets, announced in a press release on Tuesday that it has signed an agreement with Societe Generale-FORGE to provide the euro stablecoin EURCoinVertible (EURCV) developed by the bank's digital asset subsidiary. EURCV was launched in April 2023 and is one of the first stablecoins compliant with the EU crypto assets market (MiCA) framework, which took effect this year.

According to Gate News bot, as reported by Cryptobriefing, SG Forge, a crypto subsidiary of Société Générale, is preparing to issue a US dollar stablecoin on the Ethereum network, specifically serving institutional clients. This marks the world's first US dollar stablecoin issued by a major bank on a public blockchain. It is worth noting that SG Forge has successfully launched the euro stablecoin EURCV and has obtained an EU electronic money license. The company plans to expand its new stablecoin business to other blockchain networks such as Solana in the future. Source: Cryptobriefing

The EU's encryption asset market regulation MiCA will take effect on December 30, 2024, which may increase the market share of Stable Coins pegged to the euro. Stable Coins pegged to the euro currently account for only 0.12% of the Stable Coin market share. MiCA can encourage banks and Financial Institutions to adopt euro Stable Coins to meet customer demand and blockchain-based financial Settlement. The EURCV Stable Coin of Société Générale and the Stable Coin planned to be launched in cooperation with Visa by BBVA are typical cases.

SG Forge, a subsidiary of Societe Generale, has obtained the Stable Coin issuance qualification and updated the Smart Contract. The EURCV Stable Coin complies with the MiCA regulations and can provide legal services for digital asset custody, trading of legal tender coins and digital assets, and exchange between digital assets. The transfer of EURCV Stable Coin is no longer limited to Allowlist Address.