Crypto: Socgen's Forge Expands Euro Stablecoin To Xrp Ledger In Multi-chain...

The French banking group’s digital asset unit deploys EUR CoinVertible on a third public blockchain, alongside Ethereum and Solana.

French banking group Societe Generale’s digital asset arm, SG-FORGE, has deployed its euro-denominated stablecoin, EUR CoinVertible, on the XRP Ledger, marking the token’s third blockchain launch after Ethereum and Solana.

According to Wednesday’s announcement, the rollout is supported by Ripple’s custody infrastructure and could enable integration into Ripple products, including use as trading collateral. SG-FORGE said the move expands institutional access to the euro-backed token across another public network.

The launch comes about a month after global banking network SWIFT tested SocGen’s euro-pegged stablecoin in a pilot of exchange and settlement of tokenized bonds in both fiat and digital currencies. SG-FORGE said EUR CoinVertible was the first MiCA-compliant digital asset designed to integrate directly with SWIFT’s interoperability framework.

EUR CoinVertible is backed by bank cash deposits or high-quality securities on a 1:1 basis. At the time of writing, there were about 70.51 million of the tokens in circulation.

The SWIFT pilot and multi-chain expansion unfold against a broader policy debate in Europe over the future of digital money.

On Monday, Joachim Nagel, Germany‘s central bank president, said Europe should advance both a retail euro central bank digital currency (CBDC) and euro-denominated stablecoins, arguing that domestic digital payment tools could strengthen the region’s independence in payment systems.

Earlier this month, Nagel cautioned participants at a Euro50 Group meeting that a dominant role for US dollar–denominated stablecoins in Europe could undermine domestic monetary policy and weaken European sovereignty if euro-backed alternatives fail to gain sufficient market share.

Related: How Europe’s blockchain sandbox finds innovation in regulation

The European Union’s Markets in Crypto-Assets (MiCa) regime’s stablecoin provisions went into effect on June 30, 2024, requiring issuers operating in the European Economic Area to obtain an e-money license in at least one EU member state. The rules prompted several exchanges and issuers to delist or restrict tokens that had not secured authorization under the new framework.

Source: CoinTelegraph