One of the first major European banks to enter the stablecoin market is Société Générale, the third-largest bank in France, which launched its own native stablecoin that is pegged to the euro.

The Financial Times stated that the Bitstamp cryptocurrency exchange, situated in Luxembourg, will host the launch of the EUR CoinVertible (EURCV) stablecoin.

Bank customers will be able to participate in the digital asset market thanks to EURCV's complete euro backing. The asset can be traded and will be accessible to a broad spectrum of consumers.

The CEO of Société Générale Forge, Jean-Marc Stenger, emphasized the need for a stablecoin with a euro value and said the new stablecoin emphasizes the bank's role in the developing cryptocurrency space.

US dollar-pegged stablecoins, such as Tether (USDT) and Circle's USD Coin (USDC), dominate the private crypto stablecoin market.

Stenger described the bank's action as more than just a novelty, even as major players in the stablecoin industry, such as Tether, are striving to bring the product to the European market.

The CEO clarified that the new stablecoin was created with the intention of using it to settle trades involving digital funds, bonds, and other assets. In addition, he said that the stablecoin's wide applicability allows it to be adopted by various financial service providers outside of Société Générale's platform.

Sources:

https://cointelegraph.com/news/france-s-third-largest-bank-societe-generale-launches-euro-pegged-stablecoin

https://www.ft.com/content/cd733a7c-2e74-412f-b234-6f495c118cc6