Societe Generale expands its stablecoin to Ripple’s XRP Ledger to drive further adoption
The post Societe Generale expands its stablecoin to Ripple’s XRP Ledger to drive further adoption appeared on BitcoinEthereumNews.com.
Societe Generale‘s crypto subsidiary, SG-FORGE, has announced plans to extend its EUR CoinVertible (EURCV) stablecoin to the Ripple-backed XRP Ledger (XRPL), according to a Nov. 14 statement. According to the lender, XRPL’s swift cross-border payments and efficient asset tokenization capabilities make it an ideal platform for EURCV’s continued growth. SG-FORGE explained that XRPL’s 3-5 seconds transaction finality would give EURCV a competitive advantage in remittances and real-time banking. In addition, the network’s capacity to process up to 1,500 transactions per second ensures it can handle large-scale operations, reinforcing its role in facilitating global payments. Ripple’s Custody Solutions, formerly Metaco, will provide the technical services needed for the stablecoin. SG-FORGE chief revenue officer Guillaume Chatain said XRP Ledger’s advantages in speed and cost-efficiency align perfectly with the firm’s mission to create compliant digital assets that meet high transparency, security, and scalability standards. Markus Infanger, Senior Vice President at RippleX, also emphasized the significance of adding EURCV to the XRP Ledger, which aims to serve institutional payment use cases. Ripple’s payment solutions integrate stablecoins, XRP, and other digital assets to create faster, more dependable, and cost-efficient cross-border payments. Multi-chain approach The integration with the XRP Ledger is part of SG-FORGE’s broader multi-chain strategy, which includes upcoming expansions to additional blockchain networks next year. Launched on Ethereum in 2023, EURCV saw limited adoption, garnering a market cap of roughly €38 million. This led the platform to expand to Solana in September to leverage the network’s speed and low transaction costs to drive greater adoption. Speaking on these efforts, Chatain reaffirmed SG-FORGE’s commitment to innovation, noting that these expansions mark the beginning of a broader strategy to bring digital solutions to new markets. Mentioned in this article Source: https://cryptoslate.com/societe-generale-expands-its-stablecoin-to-ripples-xrp-ledger-to-drive-further-adoption/
Filed under: News - @ November 14, 2024 6:25 pm