The digital asset-focused subsidiary of major global bank Societe Generale, SG-FORGE, has announced it’s expanding its euro-pegged stablecoin EUR CoinVertible (EURCV) onto the XRP Ledger as it follows its “strategy of deployment” on multiple blockchain.
In a recently published announcement, SG-FORGE announced the move is meant to increase the adoption of EURCV, which will “benefit from the scalability, speed, and low cost of the XRPL.”
In its announcement, SG-FORGE touted that the XRP Ledger has been the “home of over 1,750 unique applications and exchanges” and processed over 2.8 billion transactions since 2012 from over 5 million active wallets.
The move, which will bring EURCV to the XRPL next year pending “final technical integrations,” will mean Societe Generale’s EUR-pegged stablecoin will be available on three blockchains: Ethereum, Solana, and the XRP Ledger.
Both Solana and XRPL offer near-instant settlement speed even during times of stress given their high transaction throughput, something SG-FORGE suggested is “tailored for cross-border payments, enabling fast, low-cost, and efficient transactions across different currencies and regions.”
Societe Generale’s stablecoin currently has a total market capitalization of $41.36 million and just 31 holders, according to data from real-world asset tracker RWA.xyz.
The launch also comes ahead of Ripple Labs’ stablecoin, Ripple USD (RLUSD), a USD-denominated stablecoin set to be available globally for institutions and users.
The banking giant’s euro-pegged stablecoin was first launched on the Ethereum blockchain last year and was initially restricted to institutional users. In July of this year, it expanded to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation.
Its expansion into the Solana ecosystem occurred back in September, months after the firm partnered with major cryptocurrency market maker Wintermute to help boost the liquidity of EURCV.
The stablecoin is currently available for trading on the popular cryptocurrency exchange Bitstamp in trading pairs against the euro and the US dollar.
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