Essential Insights
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Launch on XRPL: Société Générale’s euro stablecoin, EUR CoinVertible (EURCV), has been successfully launched on the XRP Ledger, expanding its accessibility beyond Ethereum and Solana.
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Increased Adoption: The deployment on XRPL is expected to enhance adoption due to the blockchain’s scalability, speed, and low transaction costs.
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Institutional Focus: The stablecoin aims to support institutional decentralized finance (DeFi) and will be used as trading collateral, reinforcing SG-FORGE’s commitment to compliant crypto assets.
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Growing Market Presence: With a current supply of 65.75 million EURCV, this move positions the stablecoin as a leading asset in the euro stablecoin market, potentially increasing its user base amidst growing interest in the Ripple Network.
Société Générale Expands Euro Stablecoin to XRP Ledger
European banking giant Société Générale has expanded its euro stablecoin, EUR CoinVertible (EURCV), to the XRP Ledger (XRPL). This move marks a significant step in the bank’s multi-chain strategy. The official announcement comes from SG-Forge, a subsidiary focused on digital assets.
According to SG-Forge, this expansion aims to boost EURCV’s adoption by leveraging XRPL’s well-known scalability, speed, and low transaction costs. First launched on Ethereum and Solana, the addition of the XRPL makes it the third blockchain for EURCV. Notably, Ripple’s custody solution will support the stablecoin, allowing for new use cases in trading and collateral.
Cassie Craddock, managing director at Ripple, praised Société Générale’s innovative approach. “They have long been a pioneer among European institutions, and we are proud to support them,” she noted. This partnership highlights the trusted technology Ripple provides for secure digital transactions.
Jean-Marc Stenger, CEO of SG-Forge, emphasized the importance of this launch in reinforcing the commitment to compliant crypto assets. He stated, “We look forward to further innovation and expanding our digital asset solutions.” As the stablecoin operates under EU regulations, it fosters transparency and security.
Currently, EURCV has a circulating supply of 65.75 million. Being one of the top euro stablecoins, it is backed by euro cash deposits and securities. The expansion onto the XRPL opens doors to a larger user base, potentially increasing adoption significantly.
As decentralized finance (DeFi) grows, the XRPL is making strides to accommodate institutional players. Recent updates indicate that this inclusion could greatly benefit tokens like EURCV.
Overall, Société Générale’s move signals not only their commitment to innovation but also the growing integration of traditional finance with blockchain technology.
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