BCB Markets partners with Societe Generale - FORGE - ThePaypers
BCB Markets has announced its stablecoin agreement with Societe Generale – FORGE in order to make the EUR CoinVertible accessible to its clients.
Following this announcement, the agreement is set to further accelerate the development of fiat-linked digital assets, as well as its growth strategy in the industry.
In addition, both institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, the collaboration is expected to enable businesses and companies to use the stablecoin as a secure and efficient method for faster and lower-cost transactions. EURCoinVertible (EURCV) represents a MiCA-compliant stablecoin, as the European Union’s Markets in Crypto Assets (MiCA) regulation comes into full effect. The collaboration between the two institutions is expected to support the EURCV stablecoin expansion as an effective and secure means of payment across various geographies and use cases.
In addition, officials of BCB Europe mentioned that the market for euro-pegged stablecoin is expected to expand significantly beyond the region of Europe, as businesses in emerging markets in the Middle East, Africa, and Latin America are also currently looking for alternatives to USD-denominated stablecoin. At the same time, money remittances represent a significant market in many emerging economies, as well as between those markets and Europe. With this in mind, the EUR-denominated stablecoin is set to reduce the cost of those remittances by as much as 80%, without going through the USD.
