SG-Forge, the digital assets division of French banking giant Societe Generale, has announced the deployment of its euro-pegged stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL). The move is part of the bank’s strategic push to adopt a multi-chain approach, designed to leverage the strengths of various blockchain networks.
Societe Generale-Forge Brings Euro Stablecoin to XRP Ledger
First launched on Ethereum in 2023, EURCV entered the market as a highly regulated stablecoin to compete with dollar-linked giants like Tether and Circle. However, with limited traction on Ethereum—currently issuing just €38 million worth of EURCV—Societe Generale is now exploring alternative blockchains, including Solana and XRPL.
With the deployment on XRPL, SG-FORGE is looking to benefit from the network’s cross-border payment and tokenization capabilities, touting its fast settlements and low-cost transactions. EURCV will use Ripple Custody services for issuance.
XRPL’s cross-border payment capabilities, low transaction costs, and rapid settlement times are expected to offer EURCV a competitive edge. Additionally, Ripple Custody services will support its issuance on the network. Guillaume Chatain, Chief Revenue Officer at SG-Forge, stated, “This deployment on XRPL marks a critical step in expanding the reach of our digital solutions and embracing blockchain’s full potential.”
“Bringing trusted, banking-grade stablecoins like EURCV onto the XRPL is critical to enabling institutional use cases, like payments, which is a core focus for Ripple,” said Markus Infanger, SVP at RippleX.
Societe Generale’s move aligns with a growing trend of banks venturing into stablecoins amid rising global demand for efficient, low-cost payment solutions. Ripple itself is progressing with plans for its USD stablecoin, RLUSD, which awaits regulatory approval.
As the stablecoin sector evolves under stricter regulations, Societe Generale’s expansion underscores the increasing role of blockchain in institutional finance and cross-border payments.
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