Societe Generale’s digital currency division has announced the launch of a stablecoin called the “Euro Stablecoin” on the Ethereum blockchain. The stablecoin is intended to provide a fast, secure, and reliable means of transferring money and engaging in e-commerce within the eurozone.

The Euro Stablecoin relies on Ethereum’s smart contract technology, which allows for the creation of pre-programmed digital assets that can be exchanged securely, transparently, and cost-effectively. The stablecoin is expected to provide the price stability that makes it more attractive to cryptocurrency users and traders.

Anthony Lesuisse, head of Societe Generale’s digital currency division, stated that the stablecoin will be available to the public later this year and will be tradable on various exchange platforms.

This move is part of the bank’s strategy to expand its range of services in the digital currency sector, as Societe Generale is considered one of the leading banks in this field and has a strong track record in developing blockchain and cryptocurrency-related technologies.