Societe Generale’s crypto division, SG Forge, has announced the expansion of its Euro-pegged stablecoin, EUR CoinVertible (EURCV), to the Solana blockchain. This launch aims to provide users with a more scalable and efficient decentralized finance (DeFi) network, building on its initial introduction on Ethereum last year.
SG Forge’s decision to integrate EURCV on Solana marks a strategic move. The stablecoin will offer ultra-low transaction fees and rapid processing times, enhancing the user experience for institutional and retail participants. Thanks to the network’s proven scalability and low costs, the deployment on Solana is expected to support wider adoption.
Benefits of EURCV on Solana
The introduction of EURCV on the Solana network highlights the various benefits the stablecoin will bring to its users. According to SG Forge, Solana’s infrastructure will provide significantly faster transaction times and lower fees than other networks. This aligns with Solana’s reputation for offering high-speed performance and scalability in the blockchain industry.
With EURCV now accessible on Solana, the stablecoin aims to attract institutional users who seek a reliable Euro-backed asset within the DeFi ecosystem. Additionally, SG Forge noted that the integration would expand the use cases of the stablecoin, unlocking new opportunities for DeFi users.
Nick Ducoff, Head of Institutional Growth at the Solana Foundation, expressed optimism about the partnership. He described the launch of a MiCA-compliant stablecoin on Solana as a significant development for users prioritizing speed, efficiency, and stability in their digital transactions.
Solana’s expanding stablecoin ecosystem
The deployment of EURCV contributes to the growing stablecoin market on Solana. Despite a slight decrease in the overall stablecoin market cap on the network in recent days, the supply of significant stablecoins, including USDT and others like Ondo USDY and Ethena USDe, has seen an increase. As more stablecoins migrate to Solana, issuers often highlight the platform’s cost-effectiveness and speed.
Solana has gained recognition for its ability to offer faster and cheaper transactions, a feature that has attracted various stablecoin projects, including PayPal’s PYUSD. While Ethereum remains the leading blockchain for stablecoin integrations, Solana is emerging as a viable alternative, with more institutions expressing interest in deploying on the network.
Sky, a prominent decentralized finance protocol, announced at the Solana Conference in Singapore that it plans to integrate with Solana. This further signals Solana’s growing presence in the DeFi sector.
Challenges and opportunities for Euro stablecoins
The EURCV stablecoin’s expansion onto Solana offers renewed hope for adopting Euro-pegged stablecoins. EURCV has struggled to gain traction on Ethereum, with a supply of just 33 million and limited usage. This trend is consistent with other Euro-backed stablecoins, which have generally experienced lower adoption rates than their US-dollar counterparts.
Circle’s EURC and Stasis EURS are currently the two largest Euro stablecoins by market cap, with EURC having a supply of 52.61 million and EURS close behind at 43.68 million. However, recent regulatory developments, such as the introduction of the Markets in Crypto Assets (MiCA) regulation, could pave the way for the rapid adoption of regulated stablecoins like EURCV.
Experts, including Circle EU policy director Patrick Hansen, suggest that MiCA’s regulatory framework will create more opportunities for Euro stablecoins by providing a clear structure for their use in the region. The regulation could help stablecoin issuers gain more trust and utility among institutional and retail users.
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