According to CoinDesk, SG-FORGE, a subsidiary of French bank Societe Generale, is set to expand its euro stablecoin, EUR CoinVertible (EURCV), to the XRP Ledger (XRPL) network. This move is part of a broader multichain strategy aimed at enhancing the stablecoin's reach across various blockchain platforms. The deployment on XRPL is expected to commence next year, contingent upon the completion of final technical integrations.
Initially launched on Ethereum in 2023, EURCV was introduced as a highly regulated product to rival major dollar stablecoin issuers such as Circle and Tether. Despite its regulated nature, EURCV has seen limited issuance, with only 38 million compared to Circle's 92 million EURC. Both figures are significantly overshadowed by the dollar-linked stablecoins, with Tether's USDT leading at $126 billion and Circle's USDC at $37 billion.
SG-FORGE had previously announced plans to extend EURCV to the Solana network, aiming to leverage Solana's faster and more cost-effective transaction capabilities. Guillaume Chatain, Chief Revenue Officer at SG-FORGE, expressed optimism about the future, stating that the company is eager to innovate further and expand its digital solutions portfolio.
The integration with XRPL is expected to capitalize on the network's strengths in cross-border payments and tokenization, offering rapid settlements and low transaction costs. EURCV will utilize Ripple Custody services for its issuance on the XRPL. Markus Infanger, SVP at RippleX, emphasized the importance of integrating banking-grade stablecoins like EURCV onto the XRPL to facilitate institutional use cases, particularly in payments.
Stablecoins, which are cryptocurrencies pegged to fiat currencies, are gaining traction globally as a more efficient and cost-effective means of transferring money. As regulatory frameworks for stablecoins continue to evolve, more banks are showing interest in issuing their own stablecoins. For instance, Spanish bank BBVA has announced plans to issue a stablecoin on Ethereum next year, utilizing Visa's tokenization platform.
Ripple is also progressing with its own U.S. dollar stablecoin, RLUSD, which is operationally ready and awaiting regulatory approval from the New York Department of Financial Services, as stated by Ripple President Monica Long in a recent interview with CoinDesk.
