- SocGen’s subsidiary SG-FORGE will deploy its euro stablecoin EURCV on the XRP Ledger, expanding its multichain approach after earlier plans for Solana.
- EURCV, launched on Ethereum in 2023, has faced limited traction, but the XRP Ledger integration aims to enhance cross-border payments with fast and low-cost transactions.
What happened
In a move to bolster its position in the rapidly evolving stablecoin market, Societe Generale’s digital asset subsidiary, SG-FORGE, has announced that it will bring its euro-pegged stablecoin, EUR CoinVertible (EURCV), to the XRP Ledger (XRPL). This marks a pivotal expansion of its multichain strategy, with plans to roll out the token on XRPL in 2025 after a challenging launch on Ethereum in 2023.
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EURCV was introduced to Ethereum last year as a highly regulated alternative to dominant dollar-pegged stablecoins like Tether’s USDT and Circle’s USDC, but it has struggled to gain significant traction. With only 38 million EURCV tokens in circulation compared to Circle’s 92 million EURC, the stablecoin has yet to establish itself as a serious contender in the euro stablecoin market. Recognising the need for greater scalability, SG-FORGE also announced plans earlier this year to deploy EURCV on Solana, capitalising on the network’s faster and cheaper transactions.
Now, with the upcoming deployment on XRP Ledger, SG-FORGE aims to tap into the network’s cross-border payment capabilities and its low-cost, fast settlement features. Ripple, the company behind XRPL, is also making strides in the stablecoin space with its own upcoming U.S. dollar stablecoin, RLUSD, which is currently awaiting regulatory approval.
Why this is important
The expansion of EURCV to the XRP Ledger is a significant move for SocGen as it seeks to enhance the utility of its stablecoin by utilising the XRP Ledger’s advanced cross-border capabilities. The deployment aims to make EURCV more attractive to institutional users by leveraging Ripple’s trusted custody services and the benefits of faster, cheaper transactions, which are essential for international payments.
With stablecoins becoming increasingly popular for global payments, this move positions EURCV alongside other institutional-grade stablecoins as part of the growing trend of banks adopting blockchain technology. As regulations around stablecoins solidify, more financial institutions are likely to issue their own digital assets, and the competition to provide the most efficient and secure solutions will intensify. SG-FORGE’s adoption of a multichain approach could help solidify its place in this evolving space.
In the broader context of blockchain and digital assets, SocGen’s multichain strategy could set the stage for more banks and financial institutions to explore similar moves, further integrating blockchain technology into mainstream finance. This development is part of a wider trend of traditional financial services innovating with cryptocurrency and blockchain to stay competitive in a digital-first world.
