French bank Societe Generale has launched its own euro-pegged stablecoin, EUR CoinVertible (EURCV), on the Bitstamp exchange.

This launch reflects the trend of mainstream financial institutions embracing cryptocurrencies and could signal wider institutional adoption in Europe.

EURCV aims to challenge the dominance of US dollar-denominated stablecoins and is fully backed by the euro.

Societe Generale plans to use EURCV for trade settlement in digital bonds and funds, adhering to EU regulations.

AXA IM has used EURCV to purchase tokenized green bonds, demonstrating demand for a euro stablecoin.

This launch also aligns with Societe Generale's investment in digital green bonds, using the stablecoin as a transaction medium.

Circle, the issuer of the second-largest stablecoin, is also seeking dual registration in France for its euro-pegged stablecoin, EUROC.