Societe Generale-FORGE has deployed its euro-denominated stablecoin, EURCV, onto the Stellar blockchain. This move signifies a further expansion of the stablecoin's reach across various digital asset markets.
EURCV is designed to align with the European Union's Markets in Crypto-Assets (MiCA) framework. SG-FORGE selected Stellar for its high transaction throughput, low fees, and native support for tokenized assets, aiming to broaden the stablecoin's utility.
Previously launched on Ethereum in April 2023, EURCV is fully backed by bank deposits and high-quality liquid assets on a one-to-one basis. The stablecoin’s market capitalization is approximately $452 million.
This deployment follows SG-FORGE's recent expansion of EURCV to the XRP Ledger, marking its presence on three major blockchain networks after Ethereum and Solana. The stablecoin was also utilized in a pilot program by SWIFT for the exchange and settlement of tokenized bonds.
While the stablecoin market is largely dominated by US dollar-backed assets, Europe is navigating a more restrictive regulatory environment with the MiCA framework, impacting stablecoin issuers operating within the European Economic Area.