SG-FORGE Expands EURCV Stablecoin to XRP Ledger, Boosting Multi-Chain Strategy

Societe Generale’s SG-FORGE Expands Stablecoin Offerings with EUR CoinVertible (EURCV) on XRP Ledger

Societe Generale’s blockchain subsidiary, SG-FORGE, has made a significant move in the stablecoin market by integrating EUR CoinVertible (EURCV) into XRP Ledger, the cryptocurrency platform. This integration is part of SG-FORGE’s multi-chain strategy, which aims to expand EURCV’s adoption and reach.

EURCV was initially launched on Ethereum in 2023 to compete with existing stablecoin players like Circle and Tether. Although it has not gained much traction, with an issuance of only 38 million, SG-FORGE believes in its potential and is convinced that the network’s strong settlement features, low-cost settlement speeds, cross-border payment capabilities, and tokenization are its key strengths.

By expanding across multiple blockchain networks, SG-FORGE hopes to improve the overall user experience and make EURCV more marketable. The company has leveraged its Ripple Custody services to issue EURCV on XRPL, highlighting the growing need for secure and dependable custody solutions within the digital asset life cycle.

The stablecoin market has experienced significant growth in recent years, with Tether’s USDT currently having a market capitalization of $126 billion, followed by at $37 billion. While EURCV is still behind its competitors, the recent deployment on XRPL represents another significant leap forward in expanding its adoption and market share.

The partnership between SG-FORGE and Ripple also highlights the growing importance of XRPL as a platform for stablecoin issuances. The need for scalable, secure, and regulated options to address the increasing presence of institutional investors in the digital asset market is evident. The use of EURCV on XRPL highlights the growing demand for stablecoins in Europe, where regulators are emphasizing their utility in facilitating efficient cross-border payments and settlements.

By extending its reach across multiple networks, EURCV is poised to enter the market with greater competition and popularity. Additionally, SG-FORGE’s integration of EURV on XRPL is a pivotal step in the firm’s multi-chain strategy, which will help to broaden the adoption and reach of its euro-backed stablecoin.

Learn more about the growing importance of stablecoins and their role in the digital asset ecosystem in our article “Stablecoins: The Unsung Heroes of the Cryptocurrency Market“.