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Societe Generale Launches Euro Stablecoin on Ethereum Blockchain with Bitstamp Listing

Societe Generale FORGE, a subsidiary of French banking group Societe Generale, has launched a stablecoin called EUR CoinVertible (EURCV) tied to the Euro and issued on the Ethereum blockchain. The stablecoin aims to provide stability and safety in the volatile world of digital assets, and is backed by cash deposits and cash equivalents denominated in EUR. Crypto exchange Bitstamp is the first to list EURCV, and is opening order books for the EURCV/USDT and EURCV/EUR trading pairs. Initially, deposits and withdrawals will only be enabled for investors whitelisted by Societe Generale, and the bank's existing KYC and AML compliance procedures will apply to onboarding digital token holders.

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