The post French Financial Giant To Launch XRP-Powered Stablecoin appeared on BitcoinEthereumNews.com.

Societe Generale-FORGE (SG-FORGE), the digital asset subsidiary of French banking giant Societe Generale, has announced plans to deploy its MiCA-compliant stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger in 2025. The decision makes the XRPL the third blockchain platform for EURCV, following its initial launches on Ethereum and Solana. XRP Ledger Gains French Stablecoin Partner In an official press release, SG-FORGE explained its decision with the ledger’s capabilities in scalability, speed, and cost-efficiency—attributes crucial for institutional-grade stablecoins. “[It] is the ideal platform to complement our existing deployments due to the combination of speed and cost-efficiency,” stated Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE. “Our decision to launch this stablecoin on this blockchain was driven by our desire to offer next-generation, compliant digital assets that promote transparency, security, and scalability. This is just the beginning. We look forward to further innovation and expanding the reach of our portfolio of digital solutions,” he added. The XRPL has been operational since 2012, processing over 2.8 billion secured transactions and supporting more than 5 million active wallets. Its ability to handle up to 1,500 transactions per second with near-instant settlement times of 3-5 seconds makes it a compelling choice for financial institutions, according to the french banking giant. Ripple welcomed SG-FORGE’s announcement as a significant step toward enhancing the utility of stablecoins in cross-border payments. Monica Long, President of Ripple, expressed her excitement on X: “Europe’s stablecoin market is taking off – very excited to have Societe Generale-FORGE’s MiCA-compliant stablecoin EURCV soon to be launched on the XRP Ledger.” RippleX, Ripple’s development arm, highlighted the technical advantages of the integration: “Societe Generale-FORGE has announced the launch of its EURCV stablecoin on the XRP Ledger in 2025. With Ripple Custody powering the integration, EURCV will benefit from the near-instant settlement, low fees, scalability, and…

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Filed under: News - @ November 15, 2024 9:21 pm