We are happy to announce the integration of the EUR CoinVertible into the Fipto platform, a euro-based stablecoin issued by Société Générale Forge. This E-money Token (EMT) is one of the first stablecoins to comply with the requirements of the European MiCA directive, set to take effect at the end of 2024, providing a regulated option for businesses using stablecoins for their transactions. This move not only strengthens Fipto’s offering but also marks a crucial step in aligning with the upcoming European Markets in Crypto-assets Regulation (MiCA)*.
Stablecoins are an essential part of the blockchain-based payments ecosystem, representing a market worth over $150 billion and constantly growing. The integration of the EURCV issued by Société Générale represents a major advancement for Fipto, allowing our clients to benefit from a stablecoin that complies with the latest European standards.
In short, we now offer our clients the advantages of blockchain-based payments compared to regular payments (speed, security, cost-efficiency, availability and predictability) with stablecoins that are MiCA compliant and issued by a renowned bank. Using stablecoins for B2B transactions has never been this accessible for a company.
Read: How businesses can benefit from stablecoins in 2024
By offering global access to the euro and its stability, EURCV is an optimised asset for corporate cash management and cross-border transactions. A company with an international presence can use EURCV as a bridge between a volatile local currency and the euro. This same company can also benefit from staying in a EUR currency without being exposed to the US dollar, while enjoying the guarantees and credit rating offered by a systemic bank such as Société Générale.
Key Benefits of EURCV
- Global Access to Euro Stability: Businesses can now use EURCV to bridge volatile local currencies with the stability of the euro, benefiting from the inherent advantages of stablecoins while avoiding exposure to the US dollar.
- Enhanced Transaction Speed: Transactions using EURCV are executed instantly, meeting the modern demands for speed and security in cross-border payments.
- Full Compliance: As one of the first stablecoins to comply with MiCA, EURCV provides a regulated option for businesses, aligning with the highest standards of financial regulation.
*The MiCA (Markets in Crypto-Assets) regulation was adopted on May 31, 2023, to establish a uniformed regulatory framework specific to crypto-assets. The European regime for crypto-assets (other than electronic money tokens and asset-referenced tokens) will come into force from December 30, 2024. Its aim is to regulate the risks associated with crypto-assets, better protect those who invest in these assets, prevent the misuse of crypto-assets, while fostering innovation in the EU.
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