Societe Generale-FORGE Chooses the XRP Ledger to Launch Its EURCV Stablecoin

In the latest development, Societe Generale-FORGE has chosen the XRP Ledger in order to launch its EURCV stablecoin on the platform.

In the latest development, Societe Generale-FORGE has announced its decision to launch its EURCV stablecoin on the XRP Ledger. The firm is also planning to utilize Metaco for its custody services, which is now a Ripple subsidiary and part of Ripple custody.

Previously, the EURCV stablecoin was already launched on top blockchain networks like Ethereum and Solana. Thus, the launch of the stablecoin on the XRP Ledger, slated to happen next year in 2025, will be its third one. Currently, EURCV has a modest market capitalization of €38 million. However, 90% of its balance is concentrated in just four wallets, with only one of these wallets showing any transaction activity.

Speaking on this recent development, Societe Generale-FORGE highlighted the benefits of the XRP Ledger such as low transaction costs, speed, and scalability. While other blockchains offer similar capabilities, XRPL stands out for its optimization in facilitating cross-border payments. Speaking on this, Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE said:

“The XRP Ledger is the ideal platform to complement our existing deployments due to the combination of speed and cost-efficiency. Our decision to launch this stablecoin on this blockchain was driven by our desire to offer next-generation, compliant digital assets that promote transparency, security, and scalability”.

As a result of its performance, the XRP Ledger is also among the most preferred platforms to conduct cross-border transactions along with effectively handling the supply chain for businesses. Recently, Meld Gold chose the XRP Ledger for its advanced payment and transaction capabilities, enabling the seamless conversion of physical gold into digital certificates, reported CNF.

A Win-Win for XRP Ledger And SG-FORGEThis current development will be beneficial for both players associated with this partnership. Firstly, it will strongly boost the brand credibility for Ripple as the XRP Ledger becomes the preferred choice for some of the top organizations. Adding a client like Societe Generale-FORGE will certainly boost the platform’s credibility.

For several years, Ripple promoted its RippleNet blockchain among big global corporations. Despite conducting transactions on a permissioned blockchain without utilizing XRP, some banks expressed frustration over the misconception that their involvement implied the use of XRP.

Ripple’s acquisition of custody startup Metaco brought in a significant number of banking clients, reported CNF. While this initially had minimal impact on the XRP Ledger (XRPL), the situation is now starting to shift.

SG-FORGE stands out from many of Metaco’s other banking clients in two key ways. First, it has consistently been more innovative, embracing public blockchains from the outset. Notably, SG-FORGE assisted the European Investment Bank in launching its first €100 million digital bond on the Ethereum public blockchain back in 2021. Additionally, it experimented with decentralized finance (DeFi), borrowing millions of DAI from MakerDAO, backed by a SocGen-issued security token.

Second, SG-FORGE is not a bank itself, which gives it greater flexibility to explore such initiatives compared to Ripple Custody’s more traditional finance clients.