BCB Strikes Deal with SocGen–FORGE to Distribute Euro-Pegged Stablecoin EURCV
BCB Markets, the trading arm of crypto payments firm BCB Group, has inked an agreement with Societe Generale–FORGE to distribute EURCoinVertible (EURCV), a euro-linked stablecoin developed by the French banking giant's digital asset subsidiary, the company said in a press release on Tuesday.
The move marks another step toward broader adoption of fiat-linked digital assets, as institutions look for stablecoin alternatives beyond the U.S. dollar.
Launched in April 2023, EURCV is among the first stablecoins to comply with the European Union's Markets in Crypto Assets (MiCA) framework, which came into effect this year, BCB said.
Backed by cash reserves and pegged to the euro, EURCV is intended for institutional use and aims to bring stability and regulatory clarity to the stablecoin space in Europe.
'The stablecoin market is dominated by dollar-pegged coins, which is useful for many, but we believe the euro deserves a native, regulated digital representation,' said Jerome Prigent, managing director of BCB Europe, in the release.
BCB said the partnership would allow its clients, ranging from crypto-native firms to traditional financial institutions, to leverage EURCV for faster and cheaper transactions, particularly in cross-border payments.
Prigent noted that the appeal of euro-denominated stablecoins could stretch beyond the continent, as businesses in emerging markets across the Middle East, Africa and Latin America are actively exploring alternatives to U.S. dollar-linked tokens for remittances and trade.
Euro-denominated stablecoins can reduce the cost of cross-border money transfers by as much as 80%, without the need to route payments through the dollar, Prigent added.
'The collaboration with BCB Markets supports the EURCV stablecoin expansion as an effective means of payment across various geographies and use cases,' Jean-Marc Stenger, CEO of Societe Generale–FORGE, said in the release.
The announcement comes as regulated stablecoins gain momentum in Europe under MiCA, which sets new standards for transparency, reserve management, and licensing for issuers.
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