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...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
