I heard news that Société Générale is starting to take the cryptocurrency industry more and more seriously. According to the CEO of its crypto subsidiary, SG-FORGE, the push by conventional large banks to bring crypto asset companies on as clients appears to be accelerating.

What SG-FORGE currently has is 15 clients, including cryptocurrency exchanges, brokers, and wallet providers. Since crypto regulations were fully implemented in the EU last year, as the European industry has matured, it’s become that traditional financial institutions like Société Générale have moved into a position where they can provide banking services to crypto-native companies.

The interesting part is what comes next: it’s believed that to provide services to European retail customers, euro-denominated stablecoins will be indispensable. Rather than relying on existing players, there may be moves to look for options coming out of Europe. In other words, it means that traditional banks like Société Générale would be switching to support the infrastructure side of the crypto industry. As the regulatory environment continues to be put in place, it also seems likely that the relationship between financial institutions and the crypto industry will change even further.