According to Jean-Marc Stenger, the head of French bank Societe Generale, the financial institution has launched trading its native stablecoin introduced in April 2023. CoinVertible has debuted on BitStamp, a Luxembourg-based cryptocurrency exchange.
The stablecoin was developed by a subsidiary of France’s third-largest bank specializing in working with digital assets. Notably, the company has recently clinched the corresponding license from the French regulator. According to the developers, the CoinVertible cryptocurrency based on the Ethereum blockchain is pegged to the euro.
“The crypto ecosystem is highly concentrated on a few existing stablecoins, 90 percent denominated in US dollars . . . we definitely think that there is a place for a bank in this field and there is a place for a euro [denominated] stablecoin,” the CEO of Societe Generale said, highlighting potentially high demand for the new virtual currency.
From December 4 to 9, Bitcoin breached the $40,000 threshold for the first time in a year and a half. Since the beginning of 2023, the world's biggest cryptocurrency has added more than 80%.