Recently, Ripple (XRP) and Societe Generale-Forge have partnered to launch a stablecoin. As part of its ongoing diversification across several chains, French Bank SG-FORGE recently declared it intends to release a stablecoin compliant with the EU’s MiCA regulation, namely EURCV, on the XRP Ledger by 2025.
.@SocieteGenerale-Forge has announced the launch of its EURCV stablecoin on the XRP Ledger in 2025.With Ripple Custody powering the integration, EURCV will benefit from the near-instant settlement, low fees, scalability and security of the #XRPL.https://t.co/36vh7BGXxh
— RippleX (@RippleXDev) November 14, 2024
Continuing its implementations on Ethereum and Solana, SG-FORGE intends to use XRPL as a high-performance and quick platform to increase adoption for broad-based applications.
Why the XRP Ledger?
The XRP Ledger has exciting features compared to other blockchains for tokenization and asset transactions. It takes 3-5 seconds to complete the transaction and can handle up to 1,500 TPS. These capabilities make XRPL a perfect candidate for global payments, which are time-effective, cheap, and efficient cross-border, which will be of great importance to EURCV while targeting institutional use, such as real-time banking and remittances.
A Step Towards Institutional Adoption
When asked by Guillaume Chatain, the Chief Revenue Officer at SG-FORGE, about the strategy to deploy EURCV on XRPL, he said that it fits their brand strategy of providing secure and compliant digital assets. ”Due to the efficiency of raw speed and being highly cost-effective, the XRP Ledger is the perfect solution to support the additional implementations,” he pointed out. Markus Infanger, SVP at RippleX, noted that TSB, such as EURCV on XRPL is very important, especially for institutional payments. This partnership is set to improve the liquidity and volumes in XRPL while creating value for the developers and users in this blockchain space.
