One of France’s Largest Banks Makes a Move into Cryptocurrency: They Will Be Using This Altcoin Network
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SG Forge, the cryptocurrency subsidiary of France’s third-largest bank Societe Generale, is preparing to launch a US dollar-backed stablecoin for institutional clients on the Ethereum network. This move would make it the first US dollar stablecoin issued by a major bank on a public blockchain. According to the news of French media The Big Whale, based on sources close to the matter, SG Forge plans to expand the stablecoin in question to other networks such as Solana after the initial launch on the Ethereum network. Currently, no major global bank has issued a US dollar stablecoin on a public blockchain. JPMorgan Chase’s JPM Coin runs solely on the bank’s private, permissioned blockchain network and is available only to JPMorgan clients and partners. Related News: Meeting Crisis Between Bitcoin Supporter Lummis and Ripple CEO Brad Garlinghouse! “Is It Because of XRP Criticism?” For SG Forge, this will be its second foray into the stablecoin space. The company launched the EUR CoinVertible (EURCV) token on Ethereum for institutional investors in euros in April 2023. The product formed the basis of SG Forge’s regulatory digital asset strategy. The new dollar stablecoin is targeting a much larger and more competitive market. With the increasing demand for tokenized access to regulated dollar liquidity, especially in the European Union, SG Forge aims to meet this demand. The company’s e-money license under EU law allows it to offer this product legally, just like Circle, the issuer of USDC. The stablecoin market is growing rapidly, with the total market value of dollar-pegged tokens approaching $250 billion. In contrast, euro stablecoins remain a marginal segment, with only €300 million in circulation, of which SG Forge’s EURCV token accounts for around €40 million. *This is not investment advice. Continue Reading: One of France’s Largest Banks Makes a Move into Cryptocurrency: They Will Be Using This Altcoin Network
Source: BitcoinSistemi
