Societe Generale expands its stablecoin to XRP Ledger to drive further adoption News โธ EU โธ XRP โธ Stablecoins
Societe Generale expands its stablecoin to XRP Ledger to drive further adoption
The integration into XRP Ledger marks a pivotal step in SG-FORGE's multi-chain expansion efforts.
1 min read
Updated: Nov. 15, 2024 at 8:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Societe Generale‘s crypto subsidiary, SG-FORGE, has announced plans to extend its EUR CoinVertible (EURCV) stablecoin to the XRP Ledger (XRPL), according to a Nov. 14 statement.
According to the lender, XRPL’s swift cross-border payments and efficient asset tokenization capabilities make it an ideal platform for EURCV’s continued growth.
SG-FORGE explained that XRPL’s 3-5 seconds transaction finality would give EURCV a competitive advantage in remittances and real-time banking. In addition, the network’s capacity to process up to 1,500 transactions per second ensures it can handle large-scale operations, reinforcing its role in facilitating global payments.
Ripple’s Custody Solutions, formerly Metaco, will provide the technical services needed for the stablecoin.
SG-FORGE chief revenue officer Guillaume Chatain said XRP Ledger’s advantages in speed and cost-efficiency align perfectly with the firm’s mission to create compliant digital assets that meet high transparency, security, and scalability standards.
Markus Infanger, Senior Vice President at RippleX, also emphasized the significance of adding EURCV to the XRP Ledger, which aims to serve institutional payment use cases. Ripple’s payment solutions integrate stablecoins, XRP, and other digital assets to create faster, more dependable, and cost-efficient cross-border payments.
Multi-chain approach
The integration with the XRP Ledger is part of SG-FORGE’s broader multi-chain strategy, which includes upcoming expansions to additional blockchain networks next year.
Launched on Ethereum in 2023, EURCV saw limited adoption, garnering a market cap of roughly โฌ38 million. This led the platform to expand to Solana in September to leverage the network’s speed and low transaction costs to drive greater adoption.
Speaking on these efforts, Chatain reaffirmed SG-FORGE’s commitment to innovation, noting that these expansions mark the beginning of a broader strategy to bring digital solutions to new markets.
UPDATE: Removed mention of Ripple from headline and first paragraph.ย
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest EU Stories
Latest XRP Stories
Featured Story
Advertise Here
In this article
Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ethereum
$3,107.50
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$238.668
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Societe Generale
Societe Generale, often abbreviated as SocGen, is a French multinational banking and financial services company.