Société Générale Introduces Euro Stablecoin on XRP Ledger
Société Générale has launched its euro stablecoin, EUR CoinVertible, on the XRP Ledger, enhancing its multi-chain strategy.
Société Générale Introduces Euro Stablecoin on XRP Ledger
The European banking giant Société Générale has launched its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) as part of a multi-chain expansion strategy.
According to an official announcement from SG-Forge, a subsidiary of Société Générale specializing in digital assets, this move aims to enhance the adoption of the EURCV by utilizing the XRPL’s scalability, speed, and affordability.
SG-FORGE Deploys Euro Stablecoin on XRPL
SG-FORGE first introduced EUR CoinVertible on Ethereum and Solana; XRPL is now the third blockchain for the stablecoin’s deployment. With support from Ripple’s custody solution, SG-FORGE seeks to integrate the stablecoin into new applications and the blockchain’s offerings to be utilized as trading collateral.
Ripple’s UK and Europe Managing Director, Cassie Craddock, stated: “Société Générale-FORGE has long been a pioneer amongst European institutions when it comes to building out a market-leading crypto-assets offering for their customers. Ripple is proud to have played a part in this journey as a long-standing digital assets infrastructure provider to SG-FORGE, providing proven and trusted technology that meets the highest security and operational standards.”
Société Générale’s digital assets unit perceives the stablecoin deployment as a reinforcement to its dedication to offering compliant digital assets.
“The successful launch of EUR CoinVertible on the XRP Ledger is a new step, reinforcing our commitment to offering next-generation, compliant crypto-assets that promote transparency, security, and scalability. We look forward to further innovation and expanding the reach of our portfolio of digital assets solutions,” remarked the unit’s CEO, Jean-Marc Stenger.
XRPL Integrates Institutional DeFi
Currently, EURCV has a circulating supply of 65.75 million, based on CoinMarketCap. Positioned as one of the leading euro stablecoins in the crypto sector, the asset is backed by euro cash deposits and securities that comply with the European Union regulations.
The expansion to the XRPL will potentially broaden the stablecoin’s user base, enhancing its adoption and usage. This development is timely as the Ripple Network remains a focal point in discussions. Recently, CryptoPotato reported that analysts from the asset management consortium Grayscale deemed XRP the second-most talked-about asset after bitcoin.
Simultaneously, the XRPL is advancing towards the institutional DeFi ecosystem, as indicated by its latest network update. This growth is anticipated to benefit tokens on the XRPL, including EURCV.
