BCB Markets has entered into a stablecoin agreement with Societe Generale’s digital asset subsidiary.
The deal will see BCB distribute Societe Generale Forge’s Euro-linked stablecoin.
Jean-Marc Stenger, chief executive officer of Societe Generale Forge, said: “The collaboration with BCB Markets supports the EURCV stablecoin expansion as an effective means of payment across various geographies and use cases.”
Launched in April 2023, EURCoinVertible (EURCV) is one of the first MiCA-compliant stablecoins. Its arrival comes as the European Union’s Markets in Crypto Assets (MiCA) regulation comes into full effect.
“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 of BCB Europe.
Prigent explained that this agreement would help businesses to use a stablecoin as a method for faster and lower cost transactions.
Prigent added that the market for euro-pegged stablecoin could expand significantly beyond Europe as businesses in emerging markets in the Middle East Africa and Latin America also looked for alternatives to US-dollar-denominated stablecoin.
“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,” he said.
BCB Markets is a subsidiary of BCB Group, a regulated payments and trading group for the global digital asset economy.
