BCB Markets, a subsidiary of BCB Group, a leading provider of payment and trading services for the digital asset economy, has closed a deal with Societe Generale – FORGE, the digital asset subsidiary of Societe Generale, to distribute its Euro-linked stablecoin, in a further sign of the rapid growth of fiat-linked digital assets.
Launched in April 2023 as a cash account-backed stablecoin pegged to the Euro, EURCoinVertible (EURCV) is one of the first MiCA-compliant stablecoins as the European Union’s Markets in Crypto Assets (MiCA) regulation comes into full effect.
Jerome Prigent, Managing Director, BCB Europe, said the agreement would enable businesses to use the stablecoin as a method for faster and lower cost transactions.
“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 Prigent.
Looking ahead, Prigent said 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,” Prigent added.
Jean-Marc Stenger, CEO of Societe Generale – FORGE, comments “The collaboration with BCB Markets supports the EURCV stablecoin expansion as an effective means of payment across various geographies and use cases”