Societe Generale to launch dollar-pegged stablecoin
French bank
Societe Generale
will launch a dollar-backed stablecoin via its
crypto subsidiary
SG-FORGE, becoming the first major European lender to launch a dollar-pegged cryptocurrency in the booming market for
stablecoins
.
The cryptocurrency, called "
USD CoinVertible
", will exist on the Ethereum and
Solana
blockchains and is expected to be publicly tradable from July, SG-FORGE said in a statement on Tuesday. BNY Mellon will be the custodian for its reserves, SocGen said.
SocGen's crypto arm had already launched a euro-based stablecoin, in 2023 but it has not been widely adopted, with just 41.8 million euros ($47.62 million) worth of the token in circulation, according to its website.
Stablecoins are a type of cryptocurrency pegged to a traditional currency, usually the dollar, allowing people to move large sums of money without using banks' payment transfer systems.
They have grown rapidly in recent years, driven by crypto company Tether, which has issued $155 billion of its dollar-pegged token and is the largest stablecoin issuer by far.
Live Events
SG-FORGE said that its token would be used for
crypto trading
, cross-border payments, foreign exchange transactions and management of collateral and cash, and will be listed on various crypto exchanges, without giving further details.
Discover the stories of your interest
Blockchain
5 Stories
Cyber-safety
7 Stories
Fintech
9 Stories
E-comm
9 Stories
ML
8 Stories
Edtech
6 Stories
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
4 hours ago
- NDTV
Air India To Scale Back Narrow-Body Operations Across 19 Routes Until Mid-July
New Delhi: Air India has announced a considerable but temporary five per cent reduction in its narrow-body flight operations across select domestic and short-haul international routes, citing the need to bolster operational stability. Until 15 July, the airline is temporarily suspending services on three routes and reducing frequency on 19 routes. The airline is suspending services between Bengaluru-Singapore, Pune-Singapore and Mumbai-Bagdogra - each route losing all seven weekly rotations. Key domestic arteries like Delhi, Mumbai, Bengaluru, Kolkata and Pune, and Mumbai's links to Goa, Hyderabad and other metros have also seen scaled-back schedules with reduced frequency, thereby losing between five and twelve weekly flights in each sector. This announcement comes after Air India had slashed 15 per cent of its long-haul wide-body operations across international routes following the June 12 AI 171 Dreamliner crash at Ahmedabad. Besides regulatory pressure, the airline is grappling with Middle Eastern airspace closures and night-time curfews in European and East Asian sectors. These factors have already caused 83 wide-body flight cancellations in recent days. According to the airline, the reductions are aimed at strengthening Air India's network-wide operational stability and minimising last-minute inconvenience to passengers. As the airline recalibrates its network and pursues "maximum caution", Air India seeks to assure passengers that full schedules will resume as soon as inspections clear and airspace conditions stabilise.
Indian Express
4 hours ago
- Indian Express
After curtailing wide-body flight schedule, Air India announced cuts in narrow-body network for ‘operational stability'
After a 15 per cent temporary reduction in its wide-body international network, Tata group airline Air India has announced a temporary cut of 'less than 5 per cent' in its narrow-body network till at least July 15. The airline said that the voluntary reductions are aimed at strengthening 'network-wide operational stability'. 'This voluntary decision leads to the temporary suspension of Air India's services on three routes and reduction of frequency on 19 routes. The changes are effective until at least 15 July 2025. These reductions are aimed at strengthening Air India's network-wide operational stability and minimizing last-minute inconvenience to passengers,' Air India said in a statement Sunday. It added that despite the cuts, Air India will continue to operate 600 daily flights using its narrow-body aircraft on 120 domestic and short-haul international routes. Seven-weekly flights on three routes — Bengaluru-Singapore, Pune-Singapore and Mumbai-Bagdogra — will be suspended till at least July 15. Flights on various other routes, including some key trunk metro-metro routes like Delhi-Bengaluru and Delhi-Mumbai, will be reduced. On June 18, the airline had announced that it would cut its wide-body international schedule by 15 per cent till at least mid-July due to a combination of factors–enhanced safety inspections following the deadly crash of one of its Boeing 787-8 aircraft in June 12, and airspace restrictions in West Asia and night curfew at various European and East Asian airports. The curtailment of the wide-body schedule is likely to have had a network-wide impact on passenger flows, including on its narrow-body network, considering Air India is a network carrier with a sizable number of connecting passengers. Additionally, enhanced safety checks and higher turnaround times, and longer durations on West Asian flights due to airspace closures have also tightened aircraft availability for operating the full schedule, sources indicated, adding that the schedule reduction would create some buffer. Meanwhile, Air India has decided to exercise extra caution for flights that usually transit West Asia as Israel-Iran conflict escalated significantly over the weekend with the US striking nuclear facilities in Iran. 'Amid escalating tensions in the Gulf region, Air India group confirms that our flights currently do not operate over the airspaces of Iran, Iraq and Israel. As a proactive measure, we will be progressively avoiding the use of certain airspace over the Persian Gulf in the coming days, opting instead for alternative paths for flights to destinations including the UAE, Qatar, Oman and Kuwait. This adjustment may lead to extended flight durations for these services, as well as for select flights to/from Europe and North America,' an Air India spokesperson said. The airline is in 'continuous consultation' with external security advisors and is vigilantly monitoring the evolving situation, ready to implement additional measures, if required, the spokesperson added. Air India apologised to passengers affected by the narrow-body network curtailment. 'Air India apologises to the passengers affected by these curtailments and is proactively contacting affected passengers to offer re-accommodation on alternative flights, complimentary rescheduling or full refunds as per their preferences,' the airline said. 'The revised schedule is being progressively made available on our website, mobile app and through our contact centre. We remain committed to restoring our full schedule as soon as practicable, while at all times prioritising the safety of our passengers, crew and aircraft,' the airline added. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
Mint
6 hours ago
- Mint
Raymond Realty eyes higher sales, launches in FY26
Bengaluru: Raymond Realty, which is scheduled to list on the stock exchanges on 1 July, is looking at faster growth through higher home sales and several project launches in 2025-26, said a top company executive. The real estate firm was demerged from Raymond Ltd on 1 May and will list as a standalone entity. Mumbai-based Raymond Realty clocked around ₹2,300 crore of sales in FY25, and is targeting at least 20% growth this year. It also expects a 20% return on capital employed. Also read: Gautam Singhania meets European royal Prince Albert II: Here's why they met, what they discussed & more By the end of FY26, it plans to launch six projects - two in suburban Thane, where Raymond owns about 100 acres, and four projects in different locations across Mumbai Metropolitan Region (MMR) - Wadala, Sion, Mahim and Bandra. The developer currently has six projects under execution. Raymond Realty's residential portfolio, combining projects under execution and the ones to be launched, has a gross development value (GDV) of ₹40,000 crore. Of this, projects worth ₹25,000 crore GDV would be in Thane alone. The remaining projects of ₹15,000 crore GDV are in MMR. 'In the next 3-4 years, we will double our sales and portfolio size. As a company, we are trying to solve for two things in the industry - quality of projects and timely delivery. We also want to focus on post delivery service, and have started our own facilities management arm," Raymond Realty chief executive Harmohan Sahni said in an interview. Also read: Centre links part of state capex loans to new reforms in land, and digitization The demerger will consolidate the group's real estate business under a single entity, which, going forward, will further unlock the firm's potential as a pure-play property development vertical. The company will sell at a broad price range of ₹20,000-65,000 per sq ft, and is not looking to sell below that, or in the uber luxury category. 'We can't go lower than ₹20,000-22,000 per sq ft. We will not dilute the brand, and it is not a price-sensitive market," he added. MMR, India's most valuable property market, stands as one of the leading contributors to pan-India launches and sales. Most of the projects Raymond Realty has signed are redevelopment projects. The newly signed projects, in Mahim and Wadala, are a Maharashtra Housing and Area Development Authority (Mhada) redevelopment and a slum redevelopment project respectively. Also read: Centre weighs easing conditions for interest-free capex loans to states 'We will continue to pursue an asset-light model by signing projects through the joint development route as it is capital efficient. We are a net debt-free company," Sahni said. Beyond Mumbai, the company is exploring project opportunities to enter the Pune property market. 'We are choosy about the deals we want to sign," he added. MMR among all the top cities witnessed the highest sales of around 155,335 units in 2024, almost the same as 2023. Pune followed with around 81,090 units sold. The two western markets together led residential sales last year, said Anarock Property Consultants.
