Euro Banks Gone Wild! 🤑 Stablecoin Mania!

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Ah, the French! Always with their “Societe Generale,” a name as long as a breadline queue. They announce, with the pomp of a general inspecting his troops, the launch of their USD-pegged stablecoin. Through their crypto subsidiary, Societe Generale-FORGE, no less! As if “FORGE” makes it sound less like Monopoly money and more like, well, actual money. Ethereum and Solana, they’ve chosen. Fancy! One wonders if they drew straws. 🤔

And BNY, another financial behemoth from the UK, will be the custodian. Custodian! Sounds like they’re guarding the Crown Jewels, not some digital trinkets pegged to the ever-fickle dollar. This grand announcement follows their April 2023 foray into the euro-pegged stablecoin, EUR CoinVertible (EURCV), launched on the Stellar blockchain. Stellar! As if the name alone guarantees success. Jean-Marc Stenger, CEO of Societe Generale-FORGE, proclaims, with the conviction of a man who’s never seen a real day’s work:

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Société Générale–Forge as market adoption of stablecoins is growing exponentially”.

Exponentially, he says! As if the masses are clamoring for more digital illusions. USDCV, they claim, will deliver “frictionless entry” into the stablecoin ecosystem. Frictionless! Like a greased pig at a county fair. It will facilitate round-the-clock exchanges between traditional currencies and digital dollar or euro equivalents. Instant transaction settlement! In both US dollars and euros! A marvel of modern finance, or just another way to fleece the sheep? 🐑

Societe Generale, riding the stablecoin wave like a drunken sailor on a stormy sea. The United States, bless their regulatory hearts, are working on “clear stablecoin regulations” with the GENIUS Act. GENIUS! The irony is thicker than Parisian fog. Big market players, ever the opportunists, are already exploring these fiat-pegged digital assets, hoping to cut costs. As if morality has anything to do with it. 😈

Last week, Arizona Senator Ruben Gallego, a name that sings of revolution, stated that as many as 16 Democrats could back the Senate’s stablecoin bill. Sixteen! A veritable army of support! He noted that the bill, scheduled for a vote this week, is likely to receive robust bipartisan support. Bipartisan! As if politicians ever agree on anything unless there’s money to be made. 💰

And the data! Oh, the data! It reveals that the total stablecoin market value is nearing its all-time high of $250 billion. Billions! Built on what? Faith? Hope? Or just the collective delusion of the masses? Tether’s USDT

USDT
$1.00

24h volatility:
0.1%

Market cap:
$155.19 B

Vol. 24h:
$32.61 B

dominates with a market cap of $152.4 billion, followed by Circle’s USDC

USDC
$1.00

24h volatility:
0.0%

Market cap:
$61.02 B

Vol. 24h:
$4.46 B

at $61 billion. Numbers that would make a Tsar blush! 😳

Societe Generale, now willing to explore opportunities in this rapidly expanding stablecoin market. Even big Wall Street banking giants are sniffing around, eager to compete with existing players like Tether and Circle. A dog-eat-dog world, this finance. 🐕

On the other hand, Circle successfully conducted its IPO last week, going live for trading on the New York Stock Exchange (NYSE) under the CRCL ticker. CRCL! Sounds like a circus. Ark Invest’s Cathie Wood has made a big announcement in the stablecoin firm after a strong debut on Wall Street. Another prophetess of profit, preaching to the converted. 😇

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2025-06-10 20:05