Societe Generale, through its crypto subsidiary SG-FORGE, has made a significant move by extending its EUR CoinVertible (EURCV) stablecoin to Ripple’s XRP Ledger. This decision comes as part of SG-FORGE’s strategy to expand its reach across multiple blockchain networks.
The integration into the XRP Ledger is seen as a crucial step in SG-FORGE’s efforts to drive adoption of EURCV. The XRP Ledger’s fast cross-border payment capabilities and efficient asset tokenization features are expected to further enhance the growth of the stablecoin.
One of the key advantages highlighted by SG-FORGE is the XRP Ledger’s ability to finalize transactions in 3-5 seconds, giving EURCV a competitive edge in remittances and real-time banking. Moreover, the network’s capacity to process up to 1,500 transactions per second positions it well to handle large-scale operations, making it a suitable platform for facilitating global payments.
To support the technical aspects of the stablecoin, Ripple’s Custody Solutions, formerly known as Metaco, will provide the necessary services. SG-FORGE’s chief revenue officer, Guillaume Chatain, expressed that the speed and cost-efficiency of the XRP Ledger align perfectly with the firm’s goal of creating compliant digital assets that prioritize transparency, security, and scalability.
Markus Infanger, Senior Vice President at RippleX, also emphasized the importance of adding EURCV to the XRP Ledger, particularly in serving institutional payment use cases. By integrating stablecoins, XRP, and other digital assets, Ripple aims to enhance the speed, reliability, and cost-effectiveness of cross-border payments.
This move to the XRP Ledger is part of SG-FORGE’s broader multi-chain strategy, which includes plans to expand to additional blockchain networks in the coming year. After launching on Ethereum in 2023 and later expanding to Solana in September, the addition of the XRP Ledger marks another milestone in SG-FORGE’s journey to drive adoption and innovation in the digital asset space.
In conclusion, Societe Generale’s decision to extend its stablecoin to Ripple’s XRP Ledger represents a significant step towards increasing adoption and leveraging the unique capabilities of the blockchain network. As SG-FORGE continues to explore new opportunities and expand its presence across different blockchain networks, we can expect to see further advancements in the digital asset space.