Société Générale becomes first major bank to publicly list stablecoin

EUR CoinVertible

French bank Société Générale has become the first major bank to publicly list a stablecoin, as it attempts to push a euro coin into a US dollar-dominated market.

Developed by SG-FORGE, the bank's subsidiary dedicated to cryptoassets, the coin launched an Ethereum public blockchain yesterday (6 December) on crypto exchange Bitstamp. Unlike 'normal' cryptocurrencies, stablecoins are pegged to a fixed amount, either through backing with assets or an algorithmic process. SG-FORGE said the coins would be backed by euros held by a third party. Bank of England and FCA outline plans to regulate stablecoins into mainstream While some banks, such as JP Morgan, have launched stablecoins for internal use, Société Générale's is the first to be listed on...