Societe Generale-FORGE (SG-FORGE), the digital asset subsidiary of the prominent French banking institution Societe Generale, is poised to extend its MiCA-compliant stablecoin, EUR CoinVertible (EURCV), to the XRP Ledger by 2025. This strategic move will make the XRPL the third blockchain platform to host EURCV, following its initial introductions on Ethereum and Solana.
XRP Ledger Welcomes French Banking Giant’s Stablecoin
In a recent press release, SG-FORGE elucidated its selection of the XRP Ledger, highlighting the ledger’s robust capabilities in scalability, speed, and cost-efficiency. These attributes are deemed essential for the deployment of institutional-grade stablecoins. Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE, stated, “The XRP Ledger presents itself as the ideal platform to complement our existing deployments due to its remarkable speed and cost-efficiency.”
Chatain further emphasized the bank’s vision: “Our decision to launch this stablecoin on this blockchain was driven by our commitment to offering next-generation, compliant digital assets that enhance transparency, security, and scalability. This marks the beginning of a new chapter, and we eagerly anticipate further innovation and the expansion of our portfolio of digital solutions.”
Significance of the XRP Ledger
Operational since 2012, the XRPL stands out with its ability to process over 2.8 billion secured transactions and support more than 5 million active wallets. Its capability to handle up to 1,500 transactions per second, coupled with near-instant settlement times of 3-5 seconds, makes it a compelling choice for financial institutions, as noted by the French banking giant.
Ripple, the company behind the XRP Ledger, hailed SG-FORGE’s announcement as a pivotal step in elevating the utility of stablecoins in cross-border payments. Monica Long, President of Ripple, expressed her enthusiasm on X: “Europe’s stablecoin market is gaining momentum – thrilled to see Societe Generale-FORGE’s MiCA-compliant stablecoin EURCV soon to be launched on the XRP Ledger.”
Technical Integration and Advantages
RippleX, Ripple’s development division, underscored the technical merits of this integration: “Societe Generale-FORGE has announced the launch of its EURCV stablecoin on the XRP Ledger 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 use cases: “Integrating trusted, banking-grade stablecoins like EURCV onto the XRPL is crucial for enabling institutional use cases, such as payments, which remain a core focus for Ripple. Our payment solutions utilize stablecoins, XRP, and other digital assets to facilitate faster, more reliable, and cost-effective cross-border transactions.”
Infanger also pointed out the ecosystem-wide benefits: “The addition of more credible assets on the XRPL will drive greater trading volume, benefiting users, developers, and applications looking to leverage blockchain technology.”
Compliance and Regulatory Oversight
EURCV is meticulously designed to comply with the forthcoming Markets in Crypto-Assets (MiCA) regulation within the European Union, positioning itself as a secure and regulated digital asset for institutional investors. SG-FORGE operates under the vigilant supervision of French regulatory authorities, including the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). It is duly authorized as an investment firm, electronic money institution, and digital asset service provider (DASP).
The stablecoin will be issued on the XRPL utilizing Ripple Custody solutions—previously known as Metaco—which SG-FORGE already employs as a technical service provider. The integration awaits final technical adjustments and is set for a 2025 launch.
