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Cryptocurrency News Articles
SG Forge Launches Its Euro-Backed Stablecoin, EURCV, on Solana
Sep 20, 2024 at 07:01 pm
SG Forge, a subsidiary of Societe Generale, is launching its euro-backed stablecoin, EURCV, on Solana, following its initial release on Ethereum last year.
Societe Generale’s subsidiary SG Forge is expanding its euro-backed stablecoin EUR CoinVertible (EURCV) to the Solana blockchain, following its initial launch on Ethereum last year.
The move comes as Solana’s blockchain technology has rapidly gained traction within the broader cryptocurrency market, thanks to its high-speed capabilities and low transaction fees.
In a press release, SG Forge’s CEO Jean-Marc Stenger highlighted the advantages of Solana’s blockchain.
“We are excited to announce the integration of EUR CoinVertible on the Solana blockchain, a high-speed and scalable Layer 1 protocol,” said Stenger.
“This integration will unlock new possibilities for both retail users and institutional players in DeFi, enabling them to transact in a fast, secure, and cost-effective environment.”
The decision to integrate EURCV on Solana reflects the increasing demand for faster and more efficient blockchain solutions, especially as Solana has quickly gained popularity within the broader cryptocurrency market.
Solana’s Growing Stablecoin Ecosystem
Solana’s stablecoin ecosystem has seen massive growth in recent times, which is also reflected in the rising supplies of USD Coin USDT $1.00 24h volatility: 0.0% Market cap: $118.77 B Vol. 24h: $50.92 B and Tether USDC $1.00 24h volatility: 0.0% Market cap: $35.46 B Vol. 24h: $7.82 B on the platform.
This notable influx is evident in the performance of PayPal’s USD-pegged stablecoin PYUSD PYUSD $1.00 24h volatility: 0.3% Market cap: $729.14 M Vol. 24h: $64.31 M on the network.
Solana’s ability to handle large transaction volumes with minimal fees has been a major factor in its growing popularity, positioning it as a formidable rival to Ethereum in the DeFi space.
Solana’s total value locked (TVL) now stands at $5.24 billion – an increase of 17 times in just one year, according to data from DeFiLlama.
While Ethereum continues to lead the pack with a TVL of $48 billion, its growth has been more moderate, doubling over the same period.
As of Friday, the price of Solana SOL $148.6 24h volatility: 5.3% Market cap: $69.32 B Vol. 24h: $4.18 B reached $150, marking a staggering 650% increase over the past year.
In comparison, Ethereum ETH $2 537 24h volatility: 3.8% Market cap: $305.41 B Vol. 24h: $19.53 B has seen slower growth, currently trading at around $2,546, up by 55% in the same period.
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