SocGen Crypto Arm to Bring Its Euro Stablecoin to XRP Ledger, Lays Out Plan for Going Multichain
SG-FORGE, a subsidiary of Societe Generale, will deploy its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network next year, following technical integrations. EURCV, launched on Ethereum in 2023, aims to compete with dollar stablecoins but has seen limited issuance of 38 million compared to Circle's 92 million EURC and Tether's $126 billion USDT. The firm also plans to launch EURCV on Solana for better traction due to faster transactions. The deployment on XRPL is intended to leverage its cross-border payment capabilities and low-cost transactions, using Ripple Custody services. Stablecoins are gaining popularity for efficient payments, prompting banks like BBVA to explore issuing their own. Ripple is also preparing to launch its U.S. dollar stablecoin, RLUSD, pending regulatory approval.
