French banking giant Societe Generale's digital asset arm, SG-FORGE, has deployed its euro-denominated stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL). This marks the token's third blockchain integration, following previous launches on Ethereum and Solana, as part of a broader multi-chain strategy to expand institutional access to the euro-backed digital asset.
The rollout is supported by Ripple's custody infrastructure and is designed to enable potential integration into Ripple's product suite, including its use as trading collateral. SG-FORGE highlighted that the XRP Ledger was chosen for its combination of speed and cost-efficiency, making it an ideal platform for payments-focused, on-chain settlement and treasury operations. "The XRP Ledger is the ideal platform to complement our existing deployments due to the combination of speed and cost-efficiency," said Guillaume Chatain, Chief Revenue Officer at SG-FORGE.
This expansion occurs within a significant regulatory context. EURCV is classified as an electronic money token under the EU's Markets in Crypto-Assets (MiCA) regime, which went into effect in June 2024. This classification is a key differentiator, providing institutional users with assurances regarding reserve quality, redemption terms, and supervised issuance. The stablecoin is backed 1:1 by bank cash deposits or high-quality securities, with approximately 70.51 million tokens in circulation at the time of the announcement.
The launch follows a recent pilot by the global banking network SWIFT, which tested SocGen's euro stablecoin for the exchange and settlement of tokenized bonds. SG-FORGE stated that EURCV was the first MiCA-compliant digital asset designed to integrate directly with SWIFT's interoperability framework.
This move is part of a broader European policy debate on digital money sovereignty. European central bankers, including Germany's Joachim Nagel, have argued for advancing both a retail euro CBDC and euro-denominated stablecoins to counter the growing dominance of US dollar-pegged stablecoins like Tether's USDT and Circle's USDC, which collectively account for over 80% of the stablecoin market. The disparity has spurred other European initiatives, such as a consortium of banks including BNP Paribas planning to launch a euro stablecoin in late 2026.
