Société Générale in Europe Expands Euro Stablecoin to XRP Ledger

crypthub

about 21 hours ago

Stablecoin Deployment on XRPL

Société Générale launched EUR CoinVertible (EURCV) on the XRP Ledger (XRPL) as part of a multi-chain expansion strategy. The move leverages XRPL’s scalability, speed, and low cost to boost EURCV adoption. Previously deployed on Ethereum and Solana, the stablecoin now integrates Ripple’s custody solution for new use cases like trading collateral.

Compliance and Institutional Support

EURCV is backed by euro cash deposits and complies with EU regulations, ensuring transparency and security. Société Générale emphasizes its commitment to compliant crypto assets, with CEO Jean-Marc Stenger highlighting scalability and innovation goals. Ripple’s Cassie Craddock praised SG-FORGE’s leadership in institutional crypto offerings.

XRPL’s Institutional DeFi Growth

EURCV’s XRPL integration expands its user base, aligning with XRPL’s push into institutional DeFi. With 65.75 million circulating supply, EURCV may see increased adoption. Recent reports note XRP’s rising prominence, with Grayscale advisors ranking it second after Bitcoin. XRPL’s network updates aim to attract institutional participation, benefiting tokens like EURCV.