European banking giant Société Générale has expanded its euro-denominated stablecoin to the XRP Ledger. Through its subsidiary SG-Forge, the company launched EUR CoinVertible (EURCV) on the blockchain, citing the network’s speed and low cost. The move aims to increase adoption and integrate the asset into new institutional use cases.
The digital assets unit of Société Générale, SG-Forge, has deployed its EUR CoinVertible stablecoin on the XRP Ledger (XRPL). This marks the third blockchain for the asset, following its initial launches on Ethereum and Solana.
The expansion leverages the XRPL’s scalability and intends to increase the stablecoin’s adoption. SG-Forge plans to integrate it into new use cases with support from Ripple’s custody solution.
“Societe Generale-FORGE has long been a pioneer amongst European institutions when it comes to building out a market-leading crypto-assets offering for their customers,” said Ripple’s UK and Europe managing director, Cassie Craddock. The executive noted Ripple’s role as a long-standing digital assets infrastructure provider for the bank.
The stablecoin is fully backed by euro cash deposits and securities in compliance with EU regulations. Its current circulating supply is 65.75 million tokens according to market data.
Jean-Marc Stenger, CEO of SG-Forge, stated the launch reinforces the company’s commitment to compliant digital assets. “We look forward to further innovation and expanding the reach of our portfolio of digital assets solutions,” he remarked.
The deployment occurs as the XRPL integrates more institutional decentralized finance features. Analysts have recently noted heightened discussion around the Ripple network and its associated assets.
