Emily Walker
Societe Generale-FORGE (SG-FORGE), the digital asset branch of the prominent French bank, is set to launch its MiCA-compliant stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger in the year 2025. This move will make the XRP Ledger the third blockchain to host EURCV, after initial launches on Ethereum and Solana.
XRP Ledger Welcomes French Stablecoin
In their press release, SG-FORGE highlighted that the choice of the XRP Ledger stems from its impressive scalability, speed, and efficiency—essential features for institutional-grade stablecoins. Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE, remarked, “This platform is ideal for our ongoing projects because of its speed and cost-effectiveness.”
He further explained the motivation behind launching this stablecoin on the XRP Ledger, stating a commitment to delivering advanced, compliant digital assets that enhance transparency, security, and scalability. “This is just the start. We’re excited about future innovations that will broaden the scope of our digital solutions,” he added.
Since its inception in 2012, the XRPL has processed over 2.8 billion transactions and currently supports more than 5 million active wallets. Its capacity for handling up to 1,500 transactions per second and achieving settlement times of just 3-5 seconds makes it an attractive option for financial entities, according to Societe Generale.
Ripple expressed its enthusiasm for SG-FORGE’s announcement, interpreting it as a pivotal moment for stablecoins in facilitating cross-border payments. Monica Long, President of Ripple, shared her excitement on X about the upcoming launch of EURCV on the XRP Ledger, stating, “Europe’s stablecoin market is burgeoning, and we’re thrilled to see this development.”
Additionally, RippleX, the development arm of Ripple, outlined the technical benefits of this collaboration, noting that the integration will leverage Ripple Custody, enhancing the EURCV stablecoin with features like immediate settlement, low transaction fees, scalability, and high security.
Markus Infanger, Senior Vice President at RippleX, pointed out the significant institutional use cases that could emerge with the introduction of dependable, banking-grade stablecoins such as EURCV on the XRPL. He emphasized that this aligns with Ripple’s core objective of facilitating faster, more trustworthy, and cost-effective cross-border transactions using stablecoins, XRP, and other digital assets.
Infanger also noted that the wider ecosystem would benefit from the increasing presence of credible assets on the XRPL, which could lead to heightened trading volumes and advantages for users, developers, and other blockchain applications.
EURCV is being developed to comply with the upcoming Markets in Crypto-Assets (MiCA) regulation from the European Union, ensuring it serves as a safe and regulated digital asset for institutional investors. SG-FORGE operates under the oversight of French regulatory bodies, such as the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF), and is officially recognized as an investment firm, electronic money institution, and digital asset service provider (DASP).
The issuance of the stablecoin on the XRPL will utilize Ripple Custody solutions, which SG-FORGE is already using as a technical service provider. The final technical preparations are underway with a target launch in 2025.
As of the latest update, XRP is trading at a price of $0.7986.