Société Générale, France’s third-largest bank, has debuted its native euro-pegged stablecoin, making it one of the first European banking giants to venture into the stablecoin market.
The EUR CoinVertible (EURCV) stablecoin will debut on the Luxembourg-based Bitstamp crypto exchange, the Financial Times reported. EURCV will be fully backed by the euro, allowing bank customers to participate in the digital asset market. The asset will be available to a broad customer base and can be used for trading.
Jean-Marc Stenger, the CEO of Société Générale Forge, stated that the new stablecoin highlights the bank’s role in the evolving crypto domain and stressed the necessity for a stablecoin denominated in euro.
The private crypto stablecoin market is dominated by United States dollar-pegged stablecoins, with Tether (USDT) and Circle’s USD Coin (USDC) the two largest. While crypto exchange platforms and market leaders like Tether are working toward expanding the stablecoin market to the European region, Stenger called the bank’s move more than a novelty.
The CEO highlighted that the new stablecoin has been developed with a focus on its usage in settling trades involving digital bonds, funds and various assets. He added that the broad applicability of the stablecoin extends beyond Société Générale’s platform, allowing it to be embraced across different financial service providers.
Axa Investment Managers used EURCV to invest in the bank’s digital green bond. The bond has a value of 10 million euros (around $11 million) and a maturity of three years.
The French banking giant’s move into the euro-pegged stablecoin market might be a major development for the European landscape, particularly with the European Union’s Markets in Crypto-Assets Regulation set to come into force in 2024.
However, Société Générale is not new to the crypto domain and has been actively involved in offering crypto exposure to its customer base for years. In July, the banking giant’s crypto subsidiary, Forge, became the first company to obtain the highest access license for providing crypto services in the country.
Sam and Anne share notes on the late night WhatsApp chats following a day of briefings about Sir Keir Starmer’s future (and the WhatsApps keep coming as we record).
The message from the PM’s team was if there’s a leadership challenge – from the someone in his own cabinet or elsewhere – he’d stand and fight.
Allies of Team Starmer have pointed a finger at Wes Streeting.
He’s denied any plot and has got an opportunity on the morning round to bolster that.
As one government figure said to Sam – “bonkers”. If the PM doesn’t trust the health secretary – how does he stay?
Groups tackling AI-generated child sexual abuse material could be given more powers to protect children online under a proposed new law.
Organisations like the Internet Watch Foundation (IWF), as well as AI developers themselves, will be able to test the ability of AI models to create such content without breaking the law.
That would mean they could tackle the problem at the source, rather than having to wait for illegal content to appear before they deal with it, according to Kerry Smith, chief executive of the IWF.
The IWF deals with child abuse images online, removing hundreds of thousands every year.
Ms Smith called the proposed law a “vital step to make sure AI products are safe before they are released”.
Image: An IWF analyst at work. Pic: IWF
How would the law work?
The changes are due to be tabled today as an amendment to the Crime and Policing Bill.
The government said designated bodies could include AI developers and child protection organisations, and it will bring in a group of experts to ensure testing is carried out “safely and securely”.
The new rules would also mean AI models can be checked to make sure they don’t produce extreme pornography or non-consensual intimate images.
“These new laws will ensure AI systems can be made safe at the source, preventing vulnerabilities that could put children at risk,” said Technology Secretary Liz Kendall.
“By empowering trusted organisations to scrutinise their AI models, we are ensuring child safety is designed into AI systems, not bolted on as an afterthought.”
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AI child abuse image-maker jailed
AI abuse material on the rise
The announcement came as new data was published by the IWF showing reports of AI-generated child sexual abuse material have more than doubled in the past year.
According to the data, the severity of material has intensified over that time.
The most serious category A content – images involving penetrative sexual activity, sexual activity with an animal, or sadism – has risen from 2,621 to 3,086 items, accounting for 56% of all illegal material, compared with 41% last year.
The data showed girls have been most commonly targeted, accounting for 94% of illegal AI images in 2025.
The NSPCC called for the new laws to go further and make this kind of testing compulsory for AI companies.
“It’s encouraging to see new legislation that pushes the AI industry to take greater responsibility for scrutinising their models and preventing the creation of child sexual abuse material on their platforms,” said Rani Govender, policy manager for child safety online at the charity.
“But to make a real difference for children, this cannot be optional.
“Government must ensure that there is a mandatory duty for AI developers to use this provision so that safeguarding against child sexual abuse is an essential part of product design.”
Coinbase Business, a new business platform from major US crypto exchange Coinbase, has launched in Singapore, marking the company’s first international expansion.
After introducing Coinbase Business in June, Coinbase has rolled out the platform in Singapore as its first international market outside of the US, the company announced on Wednesday.
Targeting startups and small businesses, Coinbase Business provides an “all-in-one crypto operating platform” that allows users to send and receive payments in Coinbase-backed stablecoin USDC (USDC), manage crypto assets and automate financial workflows.
“By leveraging the speed and stability of digital dollars like USDC, we offer businesses a platform that enables seamless and secure trading, with instant settlement, minimal fees, and zero chargebacks,” the company said.
Strategic cooperation with Standard Chartered
Coinbase is rolling out the service in cooperation with Standard Chartered, its local banking partner, to enable Singapore dollar transfers for both retail and business clients.
With Standard Chartered’s support, Coinbase Business provides Singapore businesses with a suite of tools, including crypto trading, global payouts, payment links with a 1% transaction fee and asset management with rewards on USDC holdings.
Coinbase Business’s launch in Singapore builds on Coinbase’s long-standing collaboration with the Monetary Authority of Singapore (MAS), the country’s financial regulator.
In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to both individual and institutional clients in Singapore.
Last month, Coinbase announced participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) program, which aims to expand financial settlement capabilities by enabling the use of tokenized bank liabilities and regulated stablecoins.
“This collaboration with the MAS demonstrates how we are actively working to build the regulated, compliant infrastructure that underpins the next era of finance,” Coinbase noted.