France’s 3rd largest bank, Societe Generale, has launched a stablecoin called the Euro-Peg.

Société Générale, France's third-largest bank, has unveiled its own Euro Page stotico, making it one of the first European banking giants to enter the stablecoin market.

The Euro CoinVertible (EURCV) stablecoin will launch on Luxembourg-based Bitstamp crypto exchange, the Financial Times reported. EURCV is fully backed by the Euro, allowing bank clients to participate in the digital asset market. The property is available to a wide range of customers and can be used for commercial purposes.

Jean-Marc Stenger, CEO of Société Générale Forge, highlighted the role of the bank in the growing crypto domain of the new stablecoin and emphasized the importance of a stablecoin denominated in euros.

Tether (USDT) and Circle's USD Coin (USDC) are two of the largest in the private crypto stablecoin market in the United States, where stablecoins are pegged to the dollar. At a time when crypto exchange platforms and market leaders such as Tether are working to expand the stablecoin market into the European region, Stenger called the bank's move more than a novelty.

The CEO pointed out that the new stablecoin was developed with a focus on its use to settle transactions involving digital bonds, currencies and various assets. The broad applicability of the stablecoin extends beyond the Société Générale platform, allowing it to be adopted by various financial service providers.

Related: French Financial Markets Ombudsman Reports Skip to Crypto-Linked Arbitrage

AXA Investment Managers used EuroCiv to invest in the bank's digital green bond. The bond has 10 million euros (about $11 million) and a maturity of three years.

The entry of the French banking giant into the Euro-pegged stablecoin market could be a big boost for the European scene, especially as the EU markets Crypto-Assets regulation comes into force in 2024.

However, Societe Generale is not new to the crypto domain and has been actively involved in providing crypto exposure to its clients for years. In July, Forge, the bank's crypto subsidiary, became the first company in the country to receive a top-level license to offer crypto services.

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