According to Odaily Planet Daily, SG Forge, a subsidiary of Societe Generale, announced that it will launch the euro stablecoin EUR CoinVertible (EURCV) on the Solana blockchain.

EURCV was previously issued on the Ethereum blockchain last year as a highly regulated euro alternative to U.S. dollar stablecoins such as Tether and Circle.

However, EURCV’s performance on Ethereum is not ideal. According to Etherscan data, there are currently only 28 holders, 154 transaction records, and a circulation of 33 million.

By issuing EURCV on Solana, SG Forge hopes to test crypto users’ demand for a euro stablecoin on a faster, lower-cost network.