SG-FORGE, the cryptocurrency arm of French bank Societe Generale, has announced that it will launch its Euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) as part of its multichain expansion. After initially launching on Ethereum in 2023, the firm aims to capitalize on a more diverse blockchain ecosystem by also integrating with Solana.

This multi-blockchain strategy is expected to begin next year, pending the final technical integrations. The euro stablecoin is a regulated offering intended to compete with established players like Circle and Tether, both of whom dominate the stablecoin market with their USD-pegged tokens. While EURCV started slow with only 38 million issued, Societe Generale hopes that the transition to faster and cheaper transaction networks will improve adoption.

"This is just the beginning," said Guillaume Chatain, Chief Revenue Officer of SG-FORGE. "We look forward to further innovation and expanding the reach of our portfolio of digital solutions."

With EURCV's deployment on the XRPL, SG-FORGE anticipates leveraging the network's strengths in cross-border payments and efficient transaction processing. The issuance process will utilize Ripple's custody services.

Markus Infanger, SVP at RippleX, added, "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."

Stablecoins have gained traction globally in facilitating payments, and as regulations evolve, more banks are expressing interest in developing their own versions. Not long ago, Spanish bank BBVA shared its plans to introduce a stablecoin on Ethereum using Visa's new tokenization platform. Meanwhile, Ripple is also working on its U.S. dollar stablecoin, RLUSD, which awaits regulatory approval.