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EUR Convertible (EURCV) is a stablecoin whose value is backed by fiat euro held in a cash account opened with Societe Generale.
By being fully collateralized, transparent, and compliant with regulatory requirements, while also being accessible on public blockchains, it can provide the advantages like efficiency and security while aiming to minimize volatility.
EURCV was created by Societe Generale-FORGE, a subsidiary of Society Generale dedicated to crypto assets.
EURCV launched in April 2023 on the Ethereum public blockchain for Societe Generale-FORGE institutional clients. October 2023, SG-FORGE announced an updated EURCV smart contract designed to “improve resiliency” and make transfers faster, notably allowing free transfers between whitelisted investors.
EURCV is a token issued on the Ethereum blockchain network. As a fiat-backed stablecoin, SG-FORGE ensures that all EURCV tokens are backed 1:1 by bank cash deposits or high-quality securities. The collateral assets are kept separate from SG-FORGE's general assets on both an accounting and legal basis, managed by a well-known fiduciary, and are exclusively allocated to back the EURCV stablecoin. When SG-FORGE issues and sells EURCV to customers, the funds received are transferred to a third-party financial company, which holds them in an account dedicated solely to collateralizing EURCV's value. This setup guarantees users full access to the value of their tokens, even if issues arise with the EURCV token on the blockchain.
