Societe Generale's digital asset division, SG-FORGE, has launched its euro-denominated stablecoin, EUR CoinVertible, on the XRP Ledger. This marks the token's third blockchain deployment, following Ethereum and Solana.
The expansion, supported by Ripple's custody infrastructure, aims to integrate the token into Ripple products and potentially serve as trading collateral. SG-FORGE states this move broadens institutional access to the euro-backed token across a public network.
This launch follows a recent pilot where SWIFT tested SocGen's euro-pegged stablecoin for the exchange and settlement of tokenized bonds. SG-FORGE noted EUR CoinVertible was the first MiCA-compliant digital asset designed for direct integration with SWIFT's interoperability framework.
EUR CoinVertible is backed 1:1 by bank cash deposits or high-quality securities. Approximately 70.51 million tokens are currently in circulation.
The multi-chain expansion occurs amidst European discussions on digital money. Germany's central bank president advocates for advancing both a retail euro central bank digital currency (CBDC) and euro-denominated stablecoins to strengthen regional payment independence.
Europe's Markets in Crypto-Assets (MiCA) regime, effective June 30, 2024, requires issuers to obtain e-money licenses in an EU member state. This has led to exchanges delisting or restricting non-compliant tokens. Circle became the first global issuer authorized under MiCA, coinciding with increased trading activity for its USDC token.
In the U.S., the GENIUS Act has spurred stablecoin market growth. However, the market remains dominated by dollar-pegged tokens from Tether and Circle, accounting for over 80% of total market capitalization. European central bankers are emphasizing the need to strengthen the region's own stablecoin ecosystem to counter dollar dominance.
BNP Paribas is among nine EU banks launching a euro-backed stablecoin through a new entity, Qivalis, expected in the second half of 2026.
