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SocGen to Introduce EURCV Stablecoin, Picks Flowdesk as Market Maker
The stablecoin, EUR CoinVertible, isn't the first based on the euro, but it does have the backing of Societe Generale, a major European financial institution.
Updated Mar 8, 2024, 6:15 p.m. Published Dec 5, 2023, 2:00 p.m.
Flowdesk announced that it has been appointed by Societe Generale’s (GLE) Forge as the market maker for its new euro-based stablecoin, EUR CoinVertible (EURCV).
Market making involves providing liquidity in financial markets by acting as an intermediary that facilitates trades between buyers and sellers, ensuring smoother and more efficient transactions. Without market makers, finding a buyer or seller for a specific financial instrument at a specific time and price could be challenging and would lead to periods of intense price volatility.
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“Looking ahead as we approach 2024, we envision a transformative impact where compliant blockchain-based operations by institutions will drastically increase in volume - and this is what we have been preparing since the inception of Flowdesk,” Guilhem Chaumont, CEO and co-founder of Flowdesk, said in a release.
As a market maker, Flowdesk will be tasked with supplying liquidity for EURCV-EUR and EURCV-USDT trading pairs on Bitstamp and other platforms and is among the select entities authorized by SG-FORGE to trade EURCV, according to the release.
EURCV isn’t the first euro-denominated stablecoin, but it is the first with major institutional support. Circle and Tether have also launched Euro stablecoins, but both have thin trading volumes, according to on-chain data.
UPDATE (Dec. 6, 9:20 UTC): Rewrites headline to add Societe Generale
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