Societe Generale-Backed Euro Stablecoin EURCV Starts Trading on Bitstamp

Societe Generale's (GLE) euro stablecoin EUR Coinvertible (EURCV) has started trading on European cryptocurrency exchange Bitstamp.

The Ethereum-based stablecoin was developed by the French bank's crypto division, SG Forge, and unveiled in April as a means for institutional clients to bridge traditional capital markets and digital assets. The stablecoin was used Monday by AXA IM, the asset management arm of insurance giant AXA, to buy 5 million euros ($5.4 million) worth of tokenized green bonds.

The listing on Luxembourg-based Bitstamp extends its access to retail traders and marks the first occasion a euro stablecoin issued by a fully regulated bank is available on a cryptocurrency exchange. The stablecoin market is dominated by crypto-native firms like Tether, developer of developers of USDT, and Circle, with USDC, both of which are pegged to the U.S. dollar.

EURCV's listing on Bitstamp "is the next step in building markets beyond the current dominance of USD-backed stablecoins," Jean Baptiste-Graftieaux, CEO of the exchange, said in a statement.

French crypto financial services firm Flowdesk announced on Tuesday that it had been appointed as market maker by SocGen.

Read More: Fresh Money Flows to Crypto as Stablecoin Market Expands After 18-Month Downtrend