Bullish’s European arm became the first exchange to list Société Générale-Forge’s new USDCV stablecoin under MiCA and BaFin oversight.
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Bullish Europe has become the first platform to list Société Générale-Forge’s USDCV stablecoin, expanding access to regulated digital assets in the European Union.
According to a Tuesday , Bullish is the first to offer USD CoinVertible (USDCV) to its customers through its German Federal Financial Supervisory Authority (BaFin) and regulated trading platform.
The news follows an early June announcement that the French financial services company with US-based financial services firm Bank of New York Mellon as the custodian.
The debut also builds on the company’s 2023 (EURCV) for institutional customers. Speaking to Cointelegraph, a Société Générale-Forge representative said USDCV aims to serve both the retail and institutional markets, intended for remittances, foreign exchange, payments and as a store of value.
Both USDCV and EURCV qualify as e-money tokens in the EU and are freely transferable under the bloc’s Markets in Crypto-Assets Regulation (MiCA) rules. Société Générale-Forge has secured an electronic money institution license from the Autorité de Contrôle Prudentiel et de Résolution, the French regulator, the representative said.
Related:
Europe is not sleeping on stablecoins
United States-based initiatives have mainly dominated the space, but Europe has stepped up activity.
At the end of July, EURAU, a new euro stablecoin venture backed by Deutsche Bank’s DWS, Flow Traders and Mike Novogratz’s Galaxy, . The same stablecoin .
Also in July, () stablecoin in the EU. The issuer is and also has oversight from regulators in Finland and Singapore.
Earlier this year, 10 stablecoin issuers , though market leader Tether’s USDt () was not among them.
Related:
European lawmakers are wary of stablecoins
Despite regulatory progress, EU officials have warned about risks tied to stablecoins, particularly those issued outside the bloc.
Last week, a senior Bank of Italy official warned that stablecoins issued by multiple entities across different unless they are strictly limited. Christine Lagarde, president of the European Central Bank (ECB), earlier this month.
Lagarde pointed to stablecoins issued beyond the “robust” MiCA framework. Her remarks also follow late July warnings by ECB adviser Jürgen Schaaf that US stablecoins are a danger to the euro:
“If we forgo a common approach, we risk fuelling instability, regulatory arbitrage and global US dollar dominance.”
In mid-April, Italy’s Minister of Economy and Finance warned that US stablecoin policies . Like Schaaf, he warned that the growing appeal of US stablecoins to Europeans should not be underestimated.
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