Something new is constantly happening in the world of cryptocurrencies. Scientists and developers are working to facilitate the processes and increase the security of using cryptocurrencies. Recently, it was announced that Societe Generale will launch a euro-based stablecoin on the Ethereum network.
What is stablecoin?
A stablecoin is a cryptocurrency that is backed by fiat currency or other assets, such as gold or real estate. It allows you to avoid large price fluctuations that are often observed in the cryptocurrency market. Stablecoin is more stable than conventional cryptocurrencies, so it is more beneficial for use in everyday life.
Stablecoin from Societe Generale
Societe Generale Bank has announced plans to create a euro-based stablecoin on the Ethereum network. It will be backed by the euro and will be used to make payments and transfers in real time. The stablecoin will be available for use by the bank’s clients, as well as for payments between Societe Generale clients.
Advantages of stablecoin from Societe Generale
According to the bank, stablecoin will allow Societe Generale customers to make payments in real time without intermediaries and at low fees. In addition, it provides a high level of security and protection against cyberattacks.
The launch of a euro-based stablecoin on the Ethereum network by Societe Generale is an important step towards the use of cryptocurrencies in everyday life. This will allow the bank’s customers to make payments in euros quickly and securely, which is very convenient for those who have accounts in euros. In addition, the launch of the stablecoin by Societe Generale can serve as an example for other banks and financial institutions that may consider issuing their own stablecoins based on national currencies.
In conclusion, the launch of a euro-based stablecoin on the Ethereum network by Societe Generale is an important step for the cryptocurrency market and may open up new opportunities for the use of cryptocurrencies in various industries, including the financial sector.