The BCB market, the trading arm of the Crypto Payment Firm BCB Group, has an agreement with the Societe Generale-Forge to distribute Eurcoinvertible (EURCV), an euro associated with Stablecoin developed by the digital owned French banking giant, the company said in a press release on Tuesday.
The move marks another step toward the broader adoption of digital linked digital assets, as institutions are looking for alternative stablecoin alternatives beyond the US dollar.
Launched in April 2023, the EURCV was among the first stablecoins to comply with the European Union markets in the Crypto Assets (MICA) framework, which took place this year, the BCB said.
Backed by cash reserves and Euro -based reserves, EURCV is intended for institution use and aims to bring stability and clarity of regulation to the stablecoin space in Europe.
“The Stablecoin market is dominated by dollars with dollars, which are useful for many, but we believe the Euro deserves a native, controlled digital representation,” said Jerome Prigent, BCB Europe’s managing director, on the release.
The BCB said the collaboration will allow its clients, from crypto companies-native to traditional financial institutions, to use EURCV for faster and cheaper transactions, especially cross-border payments.
Prigent noted that the appeal of euro-denominated stablecoins could reach beyond the continent, as businesses in emerging markets in the Middle East, Africa and Latin America are actively exploring alternatives to tokens associated with US dollars for remittances and trade.
Euro-denominated stablecoins can reduce the cost of cross-border money transfer of almost 80%, without the need for a route of payments by dollars, Prigent added.
“Collaboration with BCB markets supports EURCV Stablecoin expansion as an effective way of paying a variety of geography and use of cases,” Jean-Marc Stenger, CEO of Societe Generale-Forge, said on the release.
The announcement came as Regulated Stablecoins gained momentum in Europe under MICA, which sets new criteria for transparency, reserve management, and licensing for the providers.
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