On November 14, 2024, Societe Generale's crypto subsidiary, SG-FORGE, announced plans to extend its EUR CoinVertible (EURCV) stablecoin to the Ripple-backed XRP Ledger (XRPL). This decision is driven by XRPL's rapid cross-border payment capabilities and efficient asset tokenization.
SG-FORGE highlighted that XRPL's transaction finality of 3-5 seconds provides a significant advantage for remittances and real-time banking. The network can process up to 1,500 transactions per second, positioning it as a robust platform for global payments.
Ripple's Custody Solutions will support the technical aspects of this integration. SG-FORGE's chief revenue officer, Guillaume Chatain, noted that the speed and cost-efficiency of XRP Ledger align with their goal of creating compliant digital assets with high standards of transparency, security, and scalability.
Markus Infanger, Senior Vice President at RippleX, emphasized the importance of EURCV's addition to the XRP Ledger, which aims to enhance institutional payment use cases. The integration is part of SG-FORGE's broader multi-chain strategy, with further blockchain expansions planned for next year.
Initially launched on Ethereum in 2023, EURCV has seen limited adoption with a market cap of approximately €38 million. The stablecoin's expansion to Solana in September aimed to leverage that network's speed and low transaction costs.
Chatain reiterated SG-FORGE's commitment to innovation, indicating that these expansions are just the beginning of a larger strategy to introduce digital solutions to new markets.