SG-FORGE to Launch EUR CoinVertible Stablecoin on XRP Ledger Following Ethereum Debut

SG-FORGE is gearing up to launch the EUR CoinVertible (EURCV) stablecoin on the XRP Ledger. This comes after they introduced the token on Ethereum in 2023 and announced plans to expand to Solana back in September. The multichain strategy is set to kick off next year, pending some final technical integrations.

As a digital assets subsidiary of the French bank Societe Generale, SG-FORGE aims to broaden its reach across various blockchains. The EURCV stablecoin will be deployed on the XRP Ledger (XRPL) as part of this effort. This multi-chain approach is all about enhancing the token's utility and accessibility.

Initially launched on Ethereum, EURCV is a highly regulated product. It's designed to compete with leading dollar stablecoin issuers like Circle and Tether. However, it has seen limited traction, with only 38 million in issuance. In contrast, Circle has issued 92 million EURC. Both are significantly overshadowed by dollar-pegged coins, with Tether leading at $126 billion USDT and Circle at $37 billion USDC.

This year, SG-FORGE also announced plans to deploy EURCV on Solana. They hope to leverage Solana's faster and cheaper transactions for better traction.

Guillaume Chatain, SG-FORGE's chief revenue officer, stated, "This is just the beginning. We look forward to further innovation and expanding the reach of our portfolio of digital solutions."

With the launch on XRPL, SG-FORGE is looking to tap into the network's cross-border payment and tokenization capabilities. They highlight its quick settlement times and low transaction costs. For issuance, EURCV will utilize Ripple Custody services.

Markus Infanger, SVP at RippleX, noted, "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."

Stablecoins are gaining popularity for global payments. They provide a more efficient and cost-effective way to transfer money. As countries roll out regulations for this asset class, more banks are showing interest in launching their own stablecoin. For example, Spanish bank BBVA plans to issue a stablecoin on Ethereum next year, using Visa's tokenization platform.

Ripple is also moving forward with its own U.S. dollar stablecoin, RLUSD. According to Ripple president Monica Long, the token is "operationally ready" and is currently waiting for regulatory approval from the New York Department of Financial Services.