SocGen Crypto Arm to Bring Its Euro Stablecoin to XRP Ledger, Lays Out Plan for Going Multichain

As a seasoned crypto investor with a keen eye for potential growth opportunities, I find myself intrigued by SG-FORGE’s ambitious plans to expand its EUR CoinVertible (EURCV) stablecoin across various blockchains, including the XRP Ledger. Having witnessed the evolution of the crypto market since its inception, I can attest to the importance of adaptability and versatility in this dynamic environment.

The digital assets branch of French bank Societe Generale, known as SG-FORGE, announced plans to use its euro-backed stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) platform. This move aims to broaden their reach and presence across various blockchain networks.

Next year, assuming all necessary technical integrations are completed, our “cross-chain strategy” is set to be implemented, as per the company’s announcement.

In 2023, the EURCV token was introduced on Ethereum as a tightly regulated competitor to established stablecoin issuers like Circle and Tether. However, it garnered only modest popularity, with an issuance of 38 million compared to Circle’s 92 million EURC. Notably, both are overshadowed by the dominant dollar-linked coins: market leader Tether’s USDT with a staggering $126 billion and Circle’s USDC with $37 billion in circulation.

Earlier this year, the company unveiled its intention to launch the token on the Solana platform, aiming to generate more engagement due to the network’s swift and cost-effective transaction capabilities.

Guillaume Chatain, the chief revenue officer at SG-FORGE, expressed that we’re merely at the start. He is eagerly anticipating more advancements and increasing the influence of our collection of digital solutions.

By joining the XRPL network, SG-FORGE aims to leverage its cross-border payment and tokenization features, boasting swift settlements and affordable transactions. Additionally, EURCV plans to utilize Ripple‘s custodial services for their issuance process.

Markus Infanger, SVP at RippleX, stated that incorporating reliable, bank-standard stablecoins such as EURCV onto the XRPL is essential in facilitating institutional applications, specifically payments, which is a key objective for Ripple.

Stablecoins, which are cryptocurrencies with their price anchored to government-issued currencies, are increasingly popular for payments across the globe, offering a more efficient and cheaper way to move money. As countries roll out regulations for the asset class, more banks are getting interested in issuing their own stablecoin. Spanish bank BBVA, for example, said it plans to issue a stablecoin on Ethereum next year using payment firm Visa’s tokenization platform.

Ripple is nearly ready to launch its own U.S. dollar stablecoin, called RLUSD. This token has been made operationally functional but is currently waiting for regulatory approval from the New York Department of Financial Services, as stated by Ripple’s president, Monica Long, in an interview with CoinDesk last month.