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Societe Generale to launch dollar-pegged stablecoin

Economic Times

Economic Times · 2m ago

Societe Generale to launch dollar-pegged stablecoin

French bank Societe Generale will launch a dollar-backed stablecoin through its subsidiary SG-FORGE, becoming the first major European lender to issue a dollar-pegged cryptocurrency. Named USD CoinVertible, it will operate on the Ethereum and Solana blockchains and be publicly tradable from July. BNY Mellon will manage its reserves. SG-FORGE’s token aims to facilitate crypto trading, cross-border payments, foreign exchange transactions, and collateral and cash management, expanding in the growing stablecoin market.

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Related News

Circle, Coinbase shares soar as Senate clears path for stablecoin regulation

Economic Times

Economic Times · 2m ago

Circle, Coinbase shares soar as Senate clears path for stablecoin regulation

Shares of Circle and Coinbase surged after the U.S. Senate passed a stablecoin regulation bill, indicating a significant shift towards wider crypto adoption. The bipartisan-supported legislation provides a framework for managing stablecoins, which are pegged to stable currencies like the U.S. dollar. Circle's shares rose by 33.8%, while Coinbase increased by 16%. The bill, if enacted into law, could significantly enhance the stablecoin market's credibility and growth by requiring transparency and liquid asset backing.

Stablecoin Tether crosses $100 billion tokens in circulation

Reuters · 1y ago

Stablecoin Tether crosses $100 billion tokens in circulation

Cryptocurrency company Tether has announced that the number of its dollar-pegged stablecoins has surpassed $100 billion. Tether's stablecoin is designed to maintain a value of $1 and is used for transferring money within the cryptocurrency market without the risk of volatility. The company claims to back its stablecoins with dollar-based reserves matching the volume of coins in circulation. However, regulators have expressed concerns about the potential for rapid outflows from stablecoin reserves. Tether recently agreed to provide quarterly reports on its reserves as part of a settlement with the New York Attorney General's office.

Societe Generale offloads Zomato shares worth INR 117 Cr, picks up Policybazaar shares

Inc42 · 1y ago

Societe Generale offloads Zomato shares worth INR 117 Cr, picks up Policybazaar shares

Societe Generale sold over 86.5 lakh shares of Zomato in a block deal, amounting to INR 117.81 crore. These shares were then purchased by Marshall Wace, a British hedge fund. At the same time, Societe Generale acquired nearly 5 lakh shares of PB Fintech (parent company of Policybazaar) for INR 46.13 crore. This move comes amidst a sell-off by foreign institutional investors in the Indian equities market. Zomato has seen several block deals recently, while Policybazaar is expected to report profits starting Q3 FY24.

Binance to stop services in Nigerian Naira amid crackdown on crypto exchanges

Economic Times

Economic Times · 1y ago

Binance to stop services in Nigerian Naira amid crackdown on crypto exchanges

Binance, one of the largest cryptocurrency exchanges, is discontinuing its support for Nigeria's local currency, the Naira, following a government crackdown on crypto exchanges. The move comes after the arrest of two Binance executives in Nigeria, accused of violating local laws. Starting from March 8, Binance will cease all trading and transactions involving the Naira. Users will be able to convert their remaining Naira balances into Tether, a stablecoin pegged to the US dollar. The arrest and crackdown are part of Nigeria's efforts to combat the black market for foreign exchange.

FPIs Reduce Stakes In Paytm Below 1%

Inc42 · 10m ago

FPIs Reduce Stakes In Paytm Below 1%

In the September quarter, the stake held by Societe Generale, UBS Principal Capital Asia, and Tiger Pacific Master Fund in Paytm decreased. The overall foreign portfolio investor (FPI) ownership in the company dropped from 20.04% to 16.77%. Paytm's shares closed 3.47% lower at INR 696.35 on the BSE.

Crypto firms including Robinhood, Kraken launch global stablecoin network

Economic Times

Economic Times · 9m ago

Crypto firms including Robinhood, Kraken launch global stablecoin network

A group of financial technology and cryptocurrency companies, including Robinhood, Kraken, and Galaxy Digital, have launched a joint stablecoin called USDG. The initiative, called the Global Dollar Network, aims to promote the use of stablecoins worldwide and provide economic benefits to its partners. Stablecoins are digital tokens that maintain a constant value by being backed by traditional currencies like the US dollar. The USDG stablecoin will be governed by a committee consisting of representatives from the participating companies. The launch comes as more companies focus on promoting stablecoins due to their ability to mitigate price fluctuations seen in other cryptocurrencies.

Societe Generale, UBS, Tiger Pacific cut Paytm stakes below 1%

Inshorts · 10m ago

Societe Generale, UBS, Tiger Pacific cut Paytm stakes below 1%

Foreign portfolio investors Societe Generale, UBS Principal Capital Asia and Tiger Pacific Master reduced their holdings in Paytm to below 1% in the September quarter, Moneycontrol reported. The overall foreign portfolio investor ownership in Paytm fell to 16.77%, while foreign direct investment remained almost unchanged. Indian mutual funds increased their stake in Paytm to 7.86%.

Japan startup to issue first yen-pegged stablecoin - The Economic Times

Economic Times

Economic Times · 11d ago

Japan startup to issue first yen-pegged stablecoin - The Economic Times

Japanese startup JPYC will issue the first stablecoin pegged to the yen, named "JPYC", later this year. The stablecoin will be fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs). JPYC aims to cater initially to institutional investors and eventually reach global use. The company plans to earn through interest on JGBs without charging transaction fees. Stablecoins are gaining popularity for their fast, cost-effective transaction capabilities.

Block Deal Buzz: PB Fintech Shares Worth INR 920 Cr Change Hands

Inc42 · 2m ago

Block Deal Buzz: PB Fintech Shares Worth INR 920 Cr Change Hands

PB Fintech's cofounders, Yashish Dahiya and Alok Bansal, sold shares worth INR 920 crore via bulk and block deals. They earned INR 619.6 crore and INR 300.6 crore, respectively. The shares, representing 1.1% of the company's total equity, were purchased by major financial institutions, including Goldman Sachs, Morgan Stanley, Societe Generale, ICICI, Tata Mutual Funds, and Citigroup.

Temasek, JP Morgan Offload CarTrade Shares Worth INR 535 Cr

Inc42 · 1y ago

Temasek, JP Morgan Offload CarTrade Shares Worth INR 535 Cr

Summary: Highdell Investment, owned by Warburg Pincus, sold 40.65 Lakh shares for INR 336.8 Cr, while MacRitchie Investments, an affiliate of Temasek, offloaded 20.32 Lakh shares for INR 168.2 Cr in CarTrade. Societe Generale, Verition, Bajaj Allianz Life Insurance, Goldman Sachs, HSBC, and others bought these shares. CarTrade's shares closed the day 2.33% lower at INR 836.95 on the BSE.

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