SG-FORGE integrates EURCV stablecoin with Ripple’s XRP Ledger to enhance cross-border payments and expand its digital asset strategy.
SG-FORGE Expands EUR Stablecoin to XRP Ledger
Societe Generale’s crypto subsidiary, SG-FORGE, is extending its EUR CoinVertible (EURCV) stablecoin to Ripple’s XRP Ledger (XRPL). The move aims to enhance cross-border payments and improve the tokenization of digital assets, according to a Nov. 14 announcement.
Leveraging XRPL’s Speed and Efficiency
SG-FORGE highlighted XRPL’s transaction speed and scalability as key factors in its decision. XRPL’s ability to finalize transactions in 3-5 seconds and handle up to 1,500 transactions per second makes it a prime platform for EURCV, enabling more efficient and cost-effective global payments. This integration is expected to boost the stablecoin’s use in real-time banking and remittance services.
Ripple’s Custody Services Power EURCV on XRPL
Ripple’s Custody Solutions, previously known as Metaco, will provide the technical infrastructure to support EURCV on the XRP Ledger. Guillaume Chatain, SG-FORGE’s Chief Revenue Officer, emphasized the alignment between XRP Ledger’s fast, low-cost capabilities and SG-FORGE’s mission to create secure, scalable digital assets that adhere to compliance standards.
RippleX Executive on Institutional Use Cases
Markus Infanger, Senior Vice President at RippleX, also weighed in, stating that the addition of EURCV to the XRP Ledger underscores its potential in institutional payment use cases. Ripple’s payment solutions aim to integrate stablecoins like EURCV with digital assets, including XRP, to improve cross-border payments for institutional clients.
Multi-Chain Strategy for Broader Adoption
The integration with XRP Ledger is part of SG-FORGE’s broader multi-chain approach. The platform initially launched EURCV on Ethereum in 2023 but saw limited adoption, with a market cap of only €38 million. To address this, SG-FORGE expanded to Solana in September, leveraging the network’s low fees and high-speed transactions to drive further adoption.
A Commitment to Digital Innovation
Chatain reaffirmed SG-FORGE’s commitment to digital innovation, noting that the expansion to multiple blockchain networks, including the upcoming move to the XRP Ledger, is part of a larger strategy to bring compliant digital solutions to new markets. With XRP Ledger’s global payments infrastructure, SG-FORGE is positioning EURCV to serve a broader audience and enhance its use in institutional finance.
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