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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, .
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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