According to CoinDesk, SG-FORGE, a subsidiary of French bank Societe Generale, plans to deploy its euro stablecoin EUR CoinVertible (EURCV) to the XRP Ledger (XRPL) network and plans to launch a multi-chain strategy next year.
EURCV was launched on Ethereum in 2023 to compete with Circle and Tether. Despite a circulation of 38 million, it is still insufficient compared to Circle's 92 million EURC.
SG-FORGE hopes to take advantage of XRPL's cross-border payment and tokenization capabilities to take advantage of its fast settlement and low-cost transaction advantages. EURCV will be issued using Ripple Custody services.
As global regulation of stablecoins increases, more and more banks are interested in issuing their own stablecoins. Ripple is also advancing the issuance of its US dollar stablecoin RLUSD, awaiting regulatory approval from the New York Department of Financial Services.
