Societe Generale-FORGE (SG-FORGE), the digital assets subsidiary of French banking giant Societe Generale, has announced plans to deploy the MiCA-compliant EUR CoinVertible (EURCV) stablecoin on the XRP Ledger platform in 2025. This decision is made by XRPL’s third platform blockchain for EURCV, after its first launches on Ethereum and Solana.
XRP Ledger gains French partner Stablecoin
In the official SG-FORGE press release explained its decision by taking into account the ledger’s capabilities in terms of scalability, speed and cost efficiency – key features for institutional-grade stablecoins. “[It] is the ideal platform to complement our existing implementations due to its combination of speed and cost-effectiveness,” said Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE.
“Our decision to launch this stablecoin on this blockchain was driven by our desire to offer next-generation compliant digital assets that promote transparency, security and scalability. This is just the beginning. We look forward to continuing to innovate and expand the reach of our digital solutions portfolio,” he added.
XRPL has been operating since 2012, processing over 2.8 billion secured transactions and supporting over 5 million lively wallets. According to the French banking giant, its ability to handle up to 1,500 transactions per second with a near-instant settlement time of 3-5 seconds makes it an attractive choice for financial institutions.
Ripple welcomed the announcement of SG-FORGE as a significant step towards increasing the utility of stablecoins in cross-border payments. Monica Long, CEO of Ripple, expressed her excitement
RippleX, Ripple’s development arm, highlighted the technical benefits of the integration: “Societe Generale-FORGE announced the launch of its stablecoin EURCV on the XRP exchange in 2025. With Ripple Custody powering the integration, EURCV will benefit from near-instant settlement, low fees, scalability and security “
Markus Infanger, senior vice president at RippleX, highlighted the broader implications for institutional operate cases: “The launch of trusted banking-grade stablecoins like EURCV on XRPL is critical to enabling institutional operate cases like payments, which Ripple is focused on. Our payment solutions leverage stablecoins, XRP and other digital assets to enable faster, more reliable and profitable cross-border payments.
Infanger also emphasized that the entire ecosystem will benefit from the news. “More credible assets on XRPL increase trading volume, benefiting users, developers and applications that want to leverage the power of blockchain technology,” he added.
EURCV has been designed to be fully compliant with the upcoming Cryptocurrency Markets Regulations (MiCA) in the European Union, positioning it as a safe and sound and regulated digital asset for institutional investors. SG-FORGE operates under the supervision of French regulatory authorities, including the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). It is authorized to operate as an investment company, electronic money institution and digital asset service provider (DASP).
The stablecoin will be issued on XRPL using Ripple Custody Solutions – formerly known as Metaco – which SG-FORGE already employs as a technical services provider. The integration is awaiting final technical adjustments and is scheduled to launch in 2025.
At press time, XRP was trading at $0.7986.
Featured image created with DALL.E, chart from TradingView.com
