SG Forge is a crypto division of Societe Generale (GLE), which has launched a stablecoin pegged at the euro (EUR). It claims to be the first asset of this type deployed on a publicly accessible blockchain.

The Paris-based unit of the bank announced on its website Thursday that EUR CoinVertible will be offered as a way to bridge the gap between the traditional capital markets, and digital assets.

SG Forge has said that it is responding to the increasing demand of clients for a robust asset settlement for on-chain transaction, as well as a way for on chain liquidity funding and refinancing.

JPMorgan’s stablecoin JPM Coin has been used as a settlement token by financial institutions since 2020. However, the JPM coin trades only on JPMorgan’s internal Onyx Network, and not on a public blockchain.

In September last year, the Societe Generale division was granted registration by France’s Autorite des Marches Financiers in order to provide cryptocurrency trading and custody. This is a sign that institutional adoption of digital currencies in France has been gaining momentum.

Read more: French regulator working to clarify new crypto rules, align with EU

Sheldon Reback is the editor.