Societe Generale-FORGE continues to ink deals for its MiCAR compliant EURCV stablecoin, the latest being BCB Markets, part of the digital asset focused BCB Group, known for providing on and off-ramp services as well as trading.
“The stablecoin market is dominated by dollar-pegged coins, which of course is very useful for those who wish to work in that currency. But we firmly believe there is a market for alternatives in Europe,” said Jerome Prigent, Managing Director, BCB Europe.
“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,” Prigent added. The company noted the Middle East, Africa and Latin America are also looking for dollar alternatives.
BCB Europe has licenses both as a European digital asset service provider (DASP) and an electronic money institution, similar to SocGen-FORGE.
This partnership is the latest for SocGen-FORGE following a January stablecoin deal with Swiss digital asset bank Sygnum that made EURCV available to its banking partners. In recent months the stablecoin issuer also announced plans to expand its stablecoin beyond Ethereum to Solana, Stellar and XRP Ledger, but these have not yet launched. SocGen-FORGE has partnerships with crypto exchanges Bitstamp and Bitpanda and based on blockchain logs, institutional crypto exchange Bullish also uses the digital currency.
These expanding partnerships are crucial for driving adoption, as currently there are 41 million EURCV stablecoins issued, with four wallets holding 90% of the balance, of which €25 million has barely been touched. As SocGen-FORGE builds momentum with new alliances and multi blockchain expansion, the stage is set for EURCV to capture greater market share and establish itself as a leading euro alternative to dollar dominated stablecoins
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