European banking giant Societe Generale has teamed up with Bitpanda to further integrate cryptocurrencies and stablecoins into its ecosystem and product offerings.
According to a recent press release, Bitpanda will collaborate with the bank’s crypto division, Societe Generale-FORGE, to promote the mainstream adoption of its euro-backed stablecoin, EUR CoinVertible (EURCV).
The stablecoin, which is issued on the Ethereum blockchain, will now be available on crypto exchange for European investors. Societe Generale claimed that
“Bitpanda provides a secure and regulated transaction environment” that aligns with its mission to “provide reliable financial solutions.”
Jean-Mark Stenger, CEO of Societe Generale-FORGE, also emphasized that this partnership is a significant move toward embedding stablecoins into the broader financial landscape.
“This partnership is a key step in our mission to achieve broader adoption of stablecoins within the financial system. Together with Bitpanda, we are confident in our ability to offer European users a stable, secure and accessible digital asset for trading, settlement and store of value,”
Stenger stated.
Notably, the stablecoin was listed on another crypto exchange, Bitstamp, in December 2023.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, emphasized that euro-based stablecoins are crucial for the future of the European crypto industry. He stated,
“The landscape is changing, integration with traditional finance is increasing, and fully regulated stablecoins will serve as the bridge to facilitate this transition. We are committed to collaborating with Societe Generale-FORGE to bring that future closer.”
Meanwhile, this development comes as many other financial institutions are making similar moves in the region ahead of the full implementation of the Markets in Crypto-Assets (MiCA) bill. This new framework, which also includes guidelines for issuing and listing stablecoins, is scheduled to take effect on December 30.
Binance recently listed the newly launched stablecoin, Eurite (EURI), for trading with USDT and Euros. The issuer, Luxembourg-based neobank, Banking Circle, stated that the new stablecoin is compliant with the MiCA, and it has plans to roll it out on more exchanges soon.
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