Today Societe Generale FORGE (SG-FORGE) announced that it has launched its EUR Coinvertible (EURCV) stablecoin on the XRP Ledger, after announcing plans over a year ago. This is the fourth different blockchain on which the stablecoin is circulating, with the others being Ethereum, Solana and Stellar.
EURCV has come a long way in the past 18 months since it launched on Solana as its second chain. While the total issuance is fairly modest at €65.8 million ($77.7m), it is the second largest euro stablecoin after Circle’s EURC. The SG-FORGE token currently has more than 500 holders compared to just 28 in September 2024.
Ripple, which is closely associated with the XRP Ledger, and SG-FORGE have an existing relationship. SG-FORGE adopted Metaco’s custody technology in 2022, and Ripple acquired Metaco the following year, renaming it Ripple Custody, with EURCV also using the Ripple custody solution. SG-FORGE mentioned the stablecoin being integrated into other Ripple solutions. While it didn’t disclose which solutions, Ripple’s acquisition of corporate treasury management platform GTreasury is one potential fit for EURCV.
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