SG-FORGE to Roll Out EURCV Stablecoin on XRP Ledger

As part of its multichain strategy, SG-FORGE will deploy its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network next year. This move is in line with the company’s plan to expand across multiple blockchains.

SG-FORGE and Its Multichain Approach

SG-FORGE, a subsidiary of French bank Societe Generale, has been making significant strides in the digital assets space. The company has been actively exploring various blockchain platforms to expand its reach. By deploying EURCV on XRPL, SG-FORGE is looking to tap into the network’s cross-border payment and tokenization capabilities.

"We are excited about this new development," said Guillaume Chatain, chief revenue officer at SG-FORGE. "Our multi-chain approach will enable us to cater to a broader range of customers and use cases."

EURCV: A Highly Regulated Stablecoin

EURCV was launched on Ethereum in 2023 as a highly regulated product. The stablecoin was designed to compete with top dollar stablecoin issuers, Circle and Tether. Despite its limited traction, EURCV has gained significant attention in the market.

"With the deployment on XRPL, we are looking to benefit from the network’s fast settlements and low-cost transactions," said Chatain. "This is a critical step towards enabling institutional use cases like payments."

Ripple Custody Services for Issuance

EURCV will use Ripple Custody services for issuance on XRPL. This partnership enables SG-FORGE to leverage Ripple’s expertise in providing secure and compliant custody solutions.

"Bringing trusted, banking-grade stablecoins like EURCV onto the XRPL is critical to enabling institutional use cases," said Markus Infanger, SVP at RippleX. "We are proud to partner with SG-FORGE in this endeavor."

Stablecoins: The Future of Cross-Border Payments

Stablecoins have gained significant popularity in recent times due to their efficiency and cost-effectiveness in cross-border payments. As countries roll out regulations for the asset class, more banks are getting interested in issuing their own stablecoin.

Spanish bank BBVA has announced plans to issue a stablecoin on Ethereum next year using payment firm Visa’s tokenization platform. Ripple is also at an advanced stage of issuing its own U.S. dollar stablecoin, RLUSD.

Conclusion

The deployment of EURCV on XRPL marks an important milestone for SG-FORGE in its multichain strategy. As the company continues to expand across multiple blockchains, it is likely to attract a broader range of customers and use cases.

With the increasing popularity of stablecoins, it will be interesting to see how SG-FORGE’s EURCV performs on XRPL. Will it be able to tap into the network’s cross-border payment and tokenization capabilities? Only time will tell.