SG-FORGE to Launch Euro Stablecoin EURCV on XRP Ledger Following Ethereum Debut

SG-FORGE is gearing up to launch its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL). This follows its initial release on Ethereum earlier in 2023 and plans announced in September to expand to Solana.

The company, a subsidiary of the French bank Societe Generale, aims to broaden its reach across multiple blockchains. They expect this multi-chain strategy to kick off next year, pending some final technical integrations.

EURCV started its journey on Ethereum as a highly regulated product. It’s designed to compete with top dollar stablecoins like Circle and Tether. So far, it has seen limited traction, with 38 million in issuance. In comparison, Circle’s EURC has issued 92 million. Both of these pale in comparison to the dollar-linked coins, like Tether’s USDT, which boasts a whopping $126 billion, and Circle’s USDC at $37 billion.

Earlier this year, SG-FORGE also announced plans to launch EURCV on Solana. They hope to gain better traction thanks to Solana's faster and cheaper transactions.

Guillaume Chatain, SG-FORGE’s chief revenue officer, expressed enthusiasm about the future. He said, “This is just the beginning. We look forward to further innovation and expanding the reach of our portfolio of digital solutions.”

With the deployment on XRPL, SG-FORGE aims to leverage the network's strengths in cross-border payments and tokenization. They highlight the benefits of fast settlements and low-cost transactions. EURCV will utilize Ripple Custody services for its issuance.

Markus Infanger, SVP at RippleX, emphasized the importance of integrating trusted, banking-grade stablecoins like EURCV onto the XRPL. He noted that this is crucial for enabling institutional use cases, especially payments, which is a core focus for Ripple.

Stablecoins are gaining popularity worldwide. They provide a more efficient and cost-effective way to move money, as their prices are anchored to government-issued currencies. As countries roll out regulations for this asset class, more banks are expressing interest in launching their own stablecoins. For example, Spanish bank BBVA plans to issue a stablecoin on Ethereum next year, using Visa's tokenization platform.

On another note, Ripple is advancing toward issuing its own U.S. dollar stablecoin, RLUSD. This token is "operationally ready" and is currently waiting for regulatory approval from the New York Department of Financial Services, as mentioned by Ripple president Monica Long in a recent interview with CoinDesk.