SG-FORGE, the digital asset subsidiary of the French banking giant Société Générale, is preparing to launch its MiCA-compliant euro-pegged stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
In a statement on Thursday, the company announced plans to roll out EURCV on XRPL next year. This move aligns with a broader multi-chain approach for the token, which already operates on Ethereum and Solana.
Initially, SG-FORGE launched EURCV on Ethereum in 2023 to compete against dominant dollar-pegged stablecoins like Tether’s USDT and Circle’s USDC. In September, the firm launched on Solana. Now, SG-FORGE is introducing the MiCA-compliant stablecoin to XRPL.
Despite its regulatory backing, the euro stablecoin has faced challenges in gaining widespread adoption. Its total issuance is just €38 million, significantly smaller compared to the €92 million in EUR Coin issued by Circle. Nevertheless, SG-FORGE has continued its expansion and is now focusing on the XRP Ledger.
The decision to integrate EURCV on the XRPL aims to boost adoption by leveraging the XRP Ledger’s scalability, speed, and low transaction costs.
EURCV Stablecoin on XRP Ledger with Ripple’s Custody Services
This move highlights SG-FORGE’s confidence in the XRP Ledger’s ability to scale cross-border payments and tokenization. The XRPL boasts fast settlement times and cost-effective transactions, which SG-FORGE sees as key advantages for institutional use cases, including payments.
The XRP Ledger is also home to over 1,750 unique applications and exchanges. Since 2012, it has processed more than 2.8 billion secure transactions and supported more than 5 million active wallets. As part of the deployment, EURCV will rely on Ripple’s Custody services for its issuance.
Markus Infanger, Senior VP at Ripple, remarked that integrating trusted, banking-grade stablecoins such as EURCV onto the XRPL is essential for facilitating institutional use cases, particularly payments, which remain a central focus for Ripple.
Growing Interest in Stablecoins for Global Payments
SG-FORGE’s move reflects a broader trend of traditional financial institutions exploring stablecoins to streamline global payments. As regulations around stablecoins continue to develop, more institutions are looking to issue their own.
For instance, Ripple is working on its own U.S. dollar-backed stablecoin, RLUSD, which is reportedly operationally ready and awaiting approval from the New York Department of Financial Services.
Similarly, Spanish bank BBVA has plans to issue a stablecoin on Ethereum next year in partnership with Visa’s tokenization platform.
In October, the Central Bank of the UAE also approved AED Stablecoin LLC to launch AE Coin, the UAE’s first dirham-backed stablecoin. AE Coin aims to provide blockchain-powered payments backed by transparent reserves.
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