AFTER ETHEREUM AND SOLANA, SOCIETE GENERALE-FORGE ANNOUNCES ITS INTENTION TO DEPLOY ITS EUR MICA-COMPLIANT STABLECOIN ON THE XRP LEDGER
Paris, November 14th, 2024
In accordance with its strategy of deployment on several blockchains, after Ethereum and Solana, Societe Generale-FORGE (SG-FORGE) announces intention to deploy its MiCA-compliant stablecoin EURCV on the XRP Ledger (XRPL) to increase adoption. EURCV will benefit from the scalability, speed, and low cost of the XRPL, a secure and decentralized Layer 1 blockchain.
Over the past decade, the XRPL has been the home of over 1,750 unique applications and exchanges, processing over 2.8 billion secured transactions since 2012, and supporting over 5 million active wallets.
Key advantages of XRPL deployment:
- Natively designed to tokenize and transfer any type of asset: Tokenizing real-world assets on the XRPL can leverage its proven speed, low transaction fees, and scalability to ensure seamless settlement and liquidity.
- Near instant settlement and speed: The XRPL processes transactions in 3-5 seconds. For a stablecoin, this provides a competitive advantage by enabling fast and frictionless cross-border payments, remittances, and real-time banking services.
- Scalability and high throughput: The XRPL can handle up to 1,500 transactions per second (TPS), ensuring scalability for large-scale operations.
- Optimized for global payments: The XRPL’s design is tailored for cross-border payments, enabling fast, low-cost, and efficient transactions across different currencies and regions.
The EURCV stablecoin will benefit from the XRPL’s thriving community. This multi-chain approach is set to launch in 2025, pending final technical integrations. EURCV will be issued on XRPL using Ripple Custody solutions (ex-Metaco, already used as technical service provider).
“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.” said Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE. “This is just the beginning. We look forward to further innovation and expanding the reach of our portfolio of digital solutions.”
“Bringing trusted, banking-grade stablecoins like EURCV onto the XRPL is critical to enabling institutional use cases, like payments, which is a core focus for Ripple. Our payment solutions leverage stablecoins, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments,” said Markus Infanger, SVP at RippleX. “Additionally, more credible assets on the XRPL drive greater trading volume, benefiting users, developers, and applications that want to tap into the power of blockchain technology.”
Press contacts:
SG-FORGE – PR Agency Ballou
Caroline de Frias, Astrid Amegnran, Thomas Duporge, +33 1 42 22 24 10,
Societe Generale
Sarah Cohen Lippe, +33 1 58 98 51 91, sarah.cohen-lippe@socgen.com
About Societe Generale-FORGE
Societe Generale-FORGE, an integrated and regulated subsidiary of the Societe Generale Group, is authorised as an investment firm and authorised to provide MiFID II investment services under the supervision of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the supervision of the Autorité des marchés financiers (AMF), authorised as an electronic money institution by the ACPR, and registered and authorised as a digital asset service provider (DASP) by the AMF.
Societe Generale-FORGE has built an open, secure and institutional-grade platform for digital asset trading, backed by bankgrade security and regulatory compliance. The digital solutions and assets developed by SG-FORGE are in line with the CAST open-source interoperability and security marketplace model.
For more information: www.sgforge.com and www.cast-framework.com.
