Societe Generale expands its stablecoin to Ripples XRP Ledger to drive further adoption
Societe Generales 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, XRPLs swift cross-border payments and efficient asset tokenization capabilities make it an ideal platform for EURCVs continued growth.
SG-FORGE explained that XRPLs 3-5 seconds transaction finality would give EURCV a competitive advantage in remittances and real-time banking. In addition, the networks capacity to process up to 1,500 transactions per second ensures it can handle large-scale operations, reinforcing its role in facilitating global payments.
Ripples Custody Solutions, formerly Metaco, will provide the technical services needed for the stablecoin.
SG-FORGE chief revenue officer Guillaume Chatain said XRP Ledgers advantages in speed and cost-efficiency align perfectly with the firms 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. Ripples 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-FORGEs 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 networks speed and low transaction costs to drive greater adoption.
Speaking on these efforts, Chatain reaffirmed SG-FORGEs commitment to innovation, noting that these expansions mark the beginning of a broader strategy to bring digital solutions to new markets.
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Text source: CryptoSlate
