Société Générale SCGLY is launching a stablecoin.

What Happened The French bank will be the first major financial institution to offer digital assets tracking the price of fiat currencies to investors.

Société Générale said that EUR CoinVertible would be fully backed by euros.

“The crypto ecosystem is highly concentrated on a few existing stablecoins, 90% 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,” chief executive of SocGen Forge, the bank’s digital assets unit, Jean-Marc Stenger commented as Financial Times reported.

The stablecoin market worth $128.8…

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