French Banking Group Expands Its Euro Stablecoin EURCB to XRP Ledger

BlockBeats News, February 19th. According to Cointelegraph, Societe Generale's digital asset department SG-FORGE has expanded its Euro-backed stablecoin EUR CoinVertible (EURCV) to the XRP Ledger, making it the third blockchain deployment for the token after Ethereum and Solana. This deployment leverages Ripple's custodial infrastructure and may be integrated into Ripple's products as a transaction collateral.

This stablecoin, backed 1:1 by bank cash deposits or high-quality securities, currently has a circulating supply of approximately 70.51 million coins. It aims to enhance institutional access to Euro-backed tokens and comply with the EU's MiCA regulation. This move follows SWIFT's pilot testing of EUR CoinVertible for tokenized bond exchange and settlement, driving the development of Euro stablecoins to counter USD dominance.