Societe Generale and Bitpanda collaborate on European stablecoin

France’s Societe Generale, one of the world’s largest banks, is teaming up with crypto exchange Bitpanda to launch a stablecoin. The partnership marks a major step in the integration of stablecoins into the European financial system.

Plans and vision of the collaboration

According to Jean-Marc Stenger, CEO of Societe Generale-FORGE, this collaboration is crucial to making stablecoins an integral part of the global financial system.

Together with Bitpanda, we are confident that we can offer European users a stable, secure and accessible digital currency.

The partnership comes at a strategic time, just ahead of the full implementation of the European Markets in Crypto-Assets (MiCA) legislation, which will come into effect at the end of December 2024.

Stablecoins as a bridge between fiat and crypto

Stablecoins like EUR CoinVertible play a vital role as a bridge between traditional fiat currencies and digital assets. According to Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, stablecoins are the main entry point for investors into the crypto market.

“Integration with the traditional financial sector is increasing, and fully regulated stablecoins are the bridge that makes this possible. We will work with Societe Generale-FORGE to bring that future one step closer.”

MiCA legislation: a milestone for the European crypto market

The MiCA legislation will make the European Union the first region in the world to have comprehensive regulations for the crypto industry. It is expected that this law will facilitate the entry of major financial institutions into the crypto market and provide greater stability and confidence among investors.

However, critics warn that the technological complexity of the legislation could cause delays and obstacles, highlighting the need for strong international cooperation and information sharing between European countries to ensure compliance with the new rules.