- Societe Generale-FORGE is partnering with BCB Markets to expand the reach of its EURCV euro-backed stablecoin.
- Most stablecoins are tied to the U.S. dollar, but demand exists for euro-based options, especially for Europe and emerging markets.
- BCB Europe says euro-denominated stablecoins can cut remittance costs by up to 80% compared to using dollar-based coins.
- The deal follows prior partnerships with Swiss bank Sygnum and crypto exchanges like Bitstamp, BitPanda, and Bullish.
- Societe Generale-FORGE aims to increase adoption by offering EURCV on more blockchains, though most coins remain in a few large wallets.
Societe Generale-FORGE has reached a new agreement with BCB Markets, a division of digital asset company BCB Group, to extend usage of its EURCV stablecoin. This euro-pegged digital token is designed to meet compliance under the European Union’s MiCAR regulations.
The companies announced the partnership as part of efforts to provide alternatives to stablecoins pegged to the U.S. dollar. According to BCB Europe, euro-backed stablecoins can offer substantial benefits for cross-border payments. “Money remittances are a significant market in many emerging economies and between those markets and Europe, and euro-denominated stablecoin is a way to reduce the cost of those remittances by as much as 80%, without going through the dollar,” said Jerome Prigent, Managing Director at BCB Europe. Prigent also noted interest from regions such as the Middle East, Africa, and Latin America in using euro-based tokens instead of dollar options.
BCB Europe holds both a digital asset service provider (DASP) license and an electronic money institution license, similar to Societe Generale-FORGE. The stablecoin issuer’s latest move follows an earlier deal in January with Swiss digital asset bank Sygnum, which gave Sygnum’s banking clients access to the EURCV stablecoin.
In addition, Societe Generale-FORGE has plans to expand EURCV beyond the Ethereum blockchain to Solana, Stellar, and XRP Ledger networks. These expansions have not yet launched. The company has also formed relationships with digital currency exchanges such as Bitstamp, Bitpanda, and institutional exchange Bullish.
At present, 41 million EURCV tokens have been issued, valued at roughly $44 million. Four wallets hold 90% of these tokens, and about $27 million has seen little activity so far. Societe Generale-FORGE continues to pursue new partnerships and multi-platform expansion to boost adoption and challenge the dominance of dollar-backed stablecoins in the European market.
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