Societe Generale Launches EUR CoinVertible (EURCV) Stablecoin on the XRP Ledger (XRPL) Network

The Ripple crypto asset (XRP) has shown a brilliant achievement with a price spike of more than 15% in the last 24 hours.

Jakarta - The price of crypto asset Ripple (XRP) has shown a brilliant achievement with an increase of more than 15% in the last 24 hours. This increase occurred after a large French bank, Societe Generale (SocGen), announced plans to launch a euro-based stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network.

The EURCV stablecoin was first launched on a crypto exchange platform based in Luxembourg, Bitstamp, last year. Initially, the EURCV ran on the Ethereum (ETH) blockchain, and a few months later, SocGen decided to integrate its use on Solana (SOL). Now, XRPL is the latest blockchain platform to support the stablecoin.

Guilleum Chatain, Chief Revenue Officer of Societe Generale-FORGE, the bank's digital asset unit, explained that this decision was based on XRPL's superiority in terms of transparency, security, and scalability. "This platform is ideal for the launch of our stablecoin that complies with regulations," he said.

Also Read:Comply With MiCA RulesThe EURCV is designed in accordance with Markets in Crypto-Assets Regulation (MiCA) regulations implemented by the European Union. This regulation sets surveillance standards, consumer protection, to financial crime prevention measures such as market manipulation, money laundering, and terrorism financing.

The launch of this stablecoin not only confirms SocGen's commitment to digital asset adoption, but also adds to market confidence in the XRP Ledger ecosystem, which is known to be friendly to regulations.

Impact On XRP PriceThis announcement had a significant impact on the price of XRP, which jumped more than 15% to become one of the best performing crypto assets in the market in the last 24 hours. The spike also underscores XRPL's role as a blockchain infrastructure that is increasingly relied on by global financial institutions. SocGen's decision also put XRP Ledger on the large-scale blockchain technology adoption map.The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language.