Societe Generale-FORGE (SG-FORGE), the digital assets subsidiary of the French banking giant Societe Generale, has officially announced the launch of its euro-backed stablecoin, EUR Coinvertible (EURCV), on the XRP Ledger (XRPL). This move is part of the firm's ongoing multi-chain deployment strategy and is aimed at accelerating the adoption of institutional-grade digital assets in Europe.
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Key Highlights of the Launch:
Expansion to XRPL: After successful deployments on Ethereum and Solana, SG-FORGE is now leveraging the XRP Ledger to benefit from its scalability, high transaction speeds, and low costs.
Ripple’s Role: The launch is supported by Ripple’s enterprise-grade custody solutions. Furthermore, there are plans to explore integrating EURCV into Ripple’s broader product ecosystem and utilizing it as trading collateral.
Regulatory Compliance: EUR Coinvertible is designed to meet strict regulatory standards, providing institutional investors with a secure, transparent, and compliant digital asset.
Executive Insights:
Jean-Marc Stenger, CEO of SG-FORGE, stated that this launch is a significant step in the company’s commitment to offering next-generation crypto-assets. He emphasized that the integration with XRPL reinforces their focus on transparency and scalability.
Cassie Craddock, Managing Director for UK and Europe at Ripple, praised SG-FORGE as a pioneer among European financial institutions. She noted that Ripple is proud to provide the critical infrastructure that meets the high security and operational standards required for such a project.
Why It Matters:
The deployment of EURCV on the XRP Ledger highlights the growing trend of traditional financial institutions (TradFi) integrating with blockchain technology. By using a stablecoin backed by the Euro on a decentralized ledger, SG-FORGE aims to bridge the gap between traditional banking and the evolving digital asset market.
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