SG-FORGE, the digital asset subsidiary of the French banking giant Société Générale, is preparing to launch its MiCA-compliant euro-pegged stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
In a statement on Thursday, the company announced plans to roll out EURCV on XRPL next year. This move aligns with a broader multi-chain approach for the token, which already operates on Ethereum and Solana.
Initially, SG-FORGE launched EURCV on Ethereum in 2023 to compete against dominant dollar-pegged stablecoins like Tether’s USDT and Circle’s USDC. In September, the firm launched on Solana. Now, SG-FORGE is introducing the MiCA-compliant stablecoin to XRPL.
Despite its regulatory backing, the euro stablecoin has faced challenges in gaining widespread adoption. Its total issuance is just €38 million, significantly smaller compared to the €92 million in EUR Coin issued by Circle. Nevertheless, SG-FORGE has continued its expansion and is now focusing on the XRP Ledger.
The decision to integrate EURCV on the XRPL aims to boost adoption by leveraging the XRP Ledger’s scalability, speed, and low transaction costs.
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