SocGen Crypto Arm to Bring Its Euro Stablecoin to XRP Ledger, Lays Out Plan for Going Multichain [Yahoo! Finance]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
societegenerale.com/en/investors
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Source: Yahoo! Finance
The multichain strategy is set to kick in next year. SG-FORGE, the digital assets-focused subsidiary of French bank Societe Generale, said it will deploy its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network as it looks to expand across multiple blockchains. This "multi-chain approach" is planned to kick in next year , pending final technical integrations, the company said. EURCV started on Ethereum in 2023 as a highly regulated product to compete with top dollar stablecoin issuers Circle and Tether. The token gained limited traction, with 38 million in issuance compared with Circle's 92 million EURC. Both are dwarfed by the dollar-linked coins: market leader Tether's $126 billion USDT and Circle's $37 billion USDC. The firm announced plans earlier this year to deploy the token on Solana, hoping to get better traction with the network's faster and cheaper transactions. "This is just the beginning," Guillaume Chatain, chief revenue officer at SG-FOR
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