Key takeaways
- SG-FORGE is launching EURCV, a MiCA-compliant euro stablecoin, on the XRP Ledger (XRPL) next year.
- Despite having regulatory backing, EURCV has faced challenges in adoption, with a total issuance of just €38 million compared to Circle’s €92 million EUR Coin.
- Many financial institutions are exploring stablecoins, and SG-FORGE’s move reflects a broader shift toward blockchain-powered global payments.
Société Générale’s SG-FORGE to Launch EURCV Euro Stablecoin on XRP Ledger
SG-FORGE, the digital asset arm of prominent French bank Société Générale, is preparing to launch a euro-pegged stablecoin called EUR CoinVertible (EURCV). EURCV will comply with the EU’s MiCA regulations.
The company announced its plan to launch this stablecoin on the XRP Ledger (XRPL) next year. This move is part of a larger strategy to make EURCV available on multiple blockchains.
Currently, EURCV operates on Ethereum and Solana, and by adding the XRP Ledger to its list, SG-FORGE aims to expand its reach across different platforms.
SG-FORGE first launched EUR CoinVertible (EURCV) on Ethereum in 2023. It aimed to compete with popular dollar-pegged stablecoins like Tether’s USDT and Circle’s USDC.
In September, the firm expanded to Solana and is now introducing the MiCA-compliant stablecoin to the XRP Ledger (XRPL).
Despite having regulatory backing, EURCV has faced challenges in gaining broad adoption. Its total issuance stands at just €38 million, much smaller than the €92 million in EUR Coin issued by Circle.
However, SG-FORGE has continued to expand, focusing on the XRP Ledger as part of its multi-chain strategy. It decided to integrate EURCV on the XRP Ledger (XRPL) to help boost its adoption.
The XRP Ledger is known for its scalability, speed, and low transaction costs. SG-FORGE believes these features will help expand EURCV’s use, especially for cross-border payments and tokenization.
The XRP Ledger offers fast settlement times and affordable transactions, which SG-FORGE considers necessary for institutional use cases like payments. The network is already home to over 1,750 unique applications and exchanges.
Ripple’s XRP Ledger Boosts Institutional Use with EURCV Integration
Since its launch in 2012, the XRPL has processed over 2.8 billion secure transactions and supports more than 5 million active wallets. Following its deployment on XRPL, EURCV will use Ripple’s custody services for its issuance, ensuring security and reliability.
Markus Infanger, Senior VP at Ripple, said integrating trusted, banking-grade stablecoin like EURCV on the XRPL is key for supporting institutional use cases, especially payments.
Moreover, payments are still a major focus for Ripple, and adding stablecoins helps enhance this area.
SG-FORGE’s decision is part of a larger trend where traditional financial institutions are exploring stablecoins to make global payments easier and faster. Therefore, as regulations around stablecoins continue to evolve, more institutions are interested in issuing their stablecoins.
For example, Ripple is developing its own stablecoin, RLUSD, backed by the U.S. dollar. This stablecoin is reportedly ready for use and awaits approval from the New York Department of Financial Services.
Also, Spanish bank BBVA plans to issue a stablecoin on Ethereum next year via a partnership with Visa’s tokenization platform.
In October, the Central Bank of the UAE approved AED Stablecoin LLC to launch AE Coin. This will be the UAE’s first dirham-backed stablecoin. AE Coin aims to offer blockchain-powered payments with transparent reserves.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
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