Societe Generale’s Crypto Arm Expands into DeFi with Euro and Dollar Stablecoins
The digital asset unit of Societe Generale, SG-FORGE, has taken a significant step into the world of decentralized finance (DeFi) by launching its euro and dollar stablecoins on Ethereum-based protocols Morpho and Uniswap. This move marks a shift towards a more decentralized approach for the bank, allowing users to borrow, lend, and trade against large cryptocurrencies and tokenized assets.
Key Highlights of the Launch
The launch of SG-FORGE’s stablecoins on Morpho and Uniswap enables users to access a range of DeFi protocols, including borrowing, lending, and spot trading. The stablecoins, EURCV and USDCV, are regulated by the French financial market authority and have a combined market capitalization of $98 million. Mev Capital will act as curator of the Morpho vault, monitoring collateral authorization, capital allocation, and risk management.
Expanding Access to DeFi
By entering the DeFi space, Societe Generale is providing its customers with new opportunities to access digital finance while maintaining connections to regulated assets. This approach combines traditional financial supervision with blockchain-native functionality, offering a more decentralized and efficient way to conduct financial transactions. The move is seen as a significant step towards bridging the gap between traditional finance and DeFi.
As reported by CryptoNews, the launch of SG-FORGE’s stablecoins on Morpho and Uniswap is part of a broader effort to provide access to financial instruments around the clock through regulated, blockchain-based infrastructure. The move is expected to increase adoption of DeFi protocols and provide more opportunities for users to engage with digital assets.
Visa Pilots Stablecoin Payments for Global Transfers
In related news, Visa has started testing a new stablecoin-based system to improve cross-border payments. The pilot program, operated by Visa Direct, aims to enable companies to avoid pre-financing local accounts and reduce the need for dormant capital in multiple currencies. The move reflects the growing interest in digital tokens in the financial sector and is expected to increase the adoption of stablecoins for global transfers.
According to estimates, the stablecoin market is expected to grow to $2 trillion within the next three years, with Visa and other major players poised to play a significant role in shaping the future of digital payments. As the financial sector continues to evolve, it is likely that we will see more innovations in the DeFi space, with traditional finance and blockchain-based infrastructure converging to provide more efficient and decentralized financial solutions.
For more information on Societe Generale’s crypto arm and its expansion into DeFi, visit https://cryptonews.com/news/societe-generales-crypto-arm-brings-euro-and-dollar-stablecoins-to-defi-via-ethereum/
