SG-FORGE Plans EURCV Stablecoin Launch on XRP Ledger as Part of Multichain Strategy for 2024 Expansion
The post SG-FORGE Plans EURCV Stablecoin Launch on XRP Ledger as Part of Multichain Strategy for 2024 Expansion appeared on BitcoinEthereumNews.com.
SG-FORGE has announced the launch of its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger, marking a significant move in multi-chain strategy for stablecoins. The decision follows its recent introduction on Ethereum and aims to expand the token’s reach further, including planned deployment on Solana. “Bringing trusted, banking-grade stablecoins like EURCV onto the XRPL is critical to enabling institutional use cases,” Markus Infanger of RippleX emphasizes. SG-FORGE expands EURCV stablecoin deployments to XRP Ledger, targeting multi-chain functionality and bolstering institutional payment solutions. SG-FORGE’s Strategic Multi-Chain Expansion of EURCV Stablecoin In a bold move to enhance its digital asset offerings, SG-FORGE, the digital assets subsidiary of French banking giant Societe Generale, will soon deploy its EUR CoinVertible (EURCV) stablecoin on the XRP Ledger (XRPL). This follows the initial launch of EURCV on Ethereum earlier in 2023. With regulatory compliance and a vision for growth, SG-FORGE aims to enhance its presence in the competitive stablecoin market. Understanding the Multi-Chain Strategy and Future Deployments The transition to a multi-chain approach is expected to commence in 2024, pending final technical integrations. Initially launched on Ethereum, EURCV has struggled to achieve significant traction, with approximately €38 million in issuance. In comparison, Circle’s equivalent, EURC, boasts €92 million, while leading dollar-stablecoins like Tether’s USDT value at a staggering $126 billion. SG-FORGE is also eyeing opportunities on the Solana blockchain, which is known for its rapid transaction speeds and lower costs. Benefits of Deploying EURCV on the XRP Ledger The choice of the XRP Ledger for the next phase of EURCV’s deployment is strategic. With capabilities designed for fast settlements and efficient cross-border transactions, XRPL offers a robust framework for institutional payments. As stated by Guillaume Chatain, Chief Revenue Officer at SG-FORGE, this initiative is just the beginning of their journey to innovate and expand their…
Filed under: News - @ November 14, 2024 4:22 pm