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 Go to Source to See Full Article
Author: Oluwapelumi Adejumo