SG-Forge Launches MiCA-Compliant Euro-Pegged Stablecoin (EURCV) on the Stellar Blockchain

SG-Forge, a subsidiary of top French commercial bank Société Générale, has launched its MiCA-compliant euro-pegged stablecoin (EURCV) on the Stellar blockchain.

Top French commercial bank Société Générale’s subsidiary, SG-Forge, has launched its MiCA-compliant euro-pegged stablecoin on the Stellar blockchain.

According to an announcement on Monday, the EUR CoinVertible (EURCV) stablecoin grants users access to a transparent, secure, scalable, and regulatory-compliant digital euro.

Three Major Features of the EURCV Stablecoin

The EURCV stablecoin boasts three major features: MiCA compliance, Stellar integration, and expanded accessibility.

As per the announcement, EURCV is the first euro-pegged stablecoin to be fully compliant with the EU’s Markets in Crypto-Assets (MiCA) regulation. Notably, its compliance with the MiCA regulation offers users unrivaled security and transparency, protecting them from fraudulent practices.

Moreover, EURCV’s integration with the Stellar network makes it suitable for cross-border settlements, with easy incorporation into financial applications through the blockchain’s native decentralized exchange. Also, the stablecoin will leverage Stellar’s speed and cost-effective features to enhance users’ experience.

Furthermore, launching EURCV in the Stellar ecosystem exposes the stablecoin to asset managers, financial institutions, and entities within the traditional financial space that have previously connected with the blockchain.

Another reason why SG-Forge launched EURCV on Stellar was to leverage the network’s high scalability, low cost, speed, and asset tokenization advantages. The announcement notes that while transactions on the Stellar blockchain are completed within seconds, users get to pay less than a cent in fees.

Stellar and SG-Forge Execs React

Commenting on the development, Guillaume Chatain, Chief Revenue Officer (CRO) at SG-Forge, referred to EURCV’s integration with Stellar as a pivotal moment that bridges the realms of traditional finance and the digital asset ecosystem.

“We are thrilled to announce the launch of EURCV on the Stellar blockchain, a move that will further expand the reach and accessibility of our MiCA-compliant stablecoin. Together with Stellar, we aim to revolutionize the way digital euros are stored, transferred, and used around the world,” Chatain added.

Also, Denelle Dixon, CEO of Stellar Development Foundation (SDF), highlights the launch of EURCV as a significant step in the evolution of digital payments. She pointed out that combining the Stellar blockchain with a MiCA-compliant stablecoin offers businesses and individuals a reliable way to store and transfer value.

“As the world increasingly adopts digital payments, the launch of EURCV on Stellar is a pivotal moment in the evolution of digital payments. Combining the Stellar blockchain with a MiCA-compliant stablecoin provides businesses and individuals with a secure, transparent, and cost-effective way to store and transfer value,” Dixon said.

EURCV is currently available on Luxembourg-based cryptocurrency exchange Bitstamp. It has a market cap of €42.21 million ($44.22 million), with a daily trading volume of €4,592 ($4,811). At the moment, EURCV has a circulating and total supply of 41.16 million tokens.

For context, EURCV has been in existence since 2023, following its initial debut on the Ethereum blockchain. The stablecoin has debuted on other prominent blockchains ever since, including the XRP Ledger (XRPL).