Societe Generale‘s crypto subsidiary, SG-FORGE, has made an exciting announcement regarding the extension of its EUR CoinVertible (EURCV) stablecoin to the Ripple-backed XRP Ledger (XRPL). This decision comes as part of SG-FORGE’s strategic plan to leverage XRPL’s swift cross-border payment capabilities and efficient asset tokenization features for the continued growth of EURCV.
The lender highlighted XRPL’s impressive 3-5 seconds transaction finality, which will give EURCV a competitive edge in the realm of remittances and real-time banking. Moreover, with the network’s ability to process up to 1,500 transactions per second, it can easily handle large-scale operations, solidifying its position as a key player in facilitating global payments.
To facilitate the integration, Ripple’s Custody Solutions, previously known as Metaco, will provide the necessary technical services for the stablecoin. SG-FORGE’s chief revenue officer, Guillaume Chatain, emphasized that XRPL’s speed and cost-efficiency align perfectly with the firm’s mission of creating compliant digital assets that prioritize transparency, security, and scalability.
Markus Infanger, Senior Vice President at RippleX, also underscored the importance of adding EURCV to the XRP Ledger, especially in serving institutional payment use cases. Ripple’s payment solutions aim to streamline cross-border payments by integrating stablecoins, XRP, and other digital assets for faster, more reliable, and cost-effective transactions.
This move to integrate with the XRP Ledger is just one part of SG-FORGE’s broader multi-chain approach, which includes plans to expand to additional blockchain networks in the coming year. Originally launched on Ethereum in 2023, EURCV experienced limited adoption with a market cap of approximately €38 million. As a result, the platform expanded to Solana in September to take advantage of the network’s speed and low transaction costs to drive greater adoption.
SG-FORGE’s commitment to innovation is evident in these expansion efforts, with Chatain expressing confidence in the company’s ability to bring digital solutions to new markets. As SG-FORGE continues to explore new blockchain networks and technologies, the integration of EURCV with the XRP Ledger marks a significant step forward in the evolution of digital assets and cross-border payments.
