SocGen Crypto Arm to Bring Its Euro Stablecoin to XRP Ledger, Lays Out Plan for Going Multichain
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SG-FORGE will roll out the EURCV stablecoin on XRP Ledger after launching the token on Ethereum in 2023 and announcing plans in September to expand to Solana.
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The multichain strategy is set to kick in next year.
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SG-FORGE, the digital assets-focused subsidiary of French bank Societe Generale, said it will deploy its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network as it looks to expand across multiple blockchains.
This “multi-chain approach” is planned to kick in next year, pending final technical integrations, the company said.
EURCV started on Ethereum in 2023 as a highly regulated product to compete with top dollar stablecoin issuers Circle and Tether. The token gained limited traction, with 38 million in issuance compared with Circle’s 92 million EURC. Both are dwarfed by the dollar-linked coins: market leader Tether’s $126 billion USDT and Circle’s $37 billion USDC.
The firm announced plans earlier this year to deploy the token on Solana, hoping to get better traction with the network’s faster and cheaper transactions.
“This is just the beginning,” Guillaume Chatain, chief revenue officer at SG-FORGE, said in a statement. “We look forward to further innovation and expanding the reach of our portfolio of digital solutions.”
With the deployment on XRPL, SG-FORGE is looking to benefit from the network’s cross-border payment and tokenization capabilities, touting its fast settlements and low-cost transactions. EURCV will use Ripple Custody services for issuance.
“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,” said Markus Infanger, SVP at RippleX.
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 also at an advanced stage of issuing its own U.S. dollar stablecoin, RLUSD. The token is “operationally ready,” awaiting regulatory approval by the New York Department of Financial Services, Ripple president Monica Long said in an interview with CoinDesk last month.
Edited by Sheldon Reback.
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