Thomas Daniels
As part of its growing multi-chain strategy, Societe Generale-FORGE (SG-FORGE), a regulated investment institution and subsidiary of Societe Generale Group, has introduced its EUR-backed stablecoin on the Stellar blockchain.
Stellar has been selected by SG-FORGE for its most recent deployment of EUR CoinVertible (EURCV), as regulatory licenses for stablecoins that comply with Markets in Crypto-Assets (MiCA) have surged in Europe. This project is a big step toward connecting the decentralized finance (DeFi) ecosystem with traditional finance.
In order to improve payments and adoption, EURCV has expanded to Stellar.
The move, which was announced on February 20, would significantly improve Stellar’s cross-border payments infrastructure by utilizing its quick, scalable, and affordable network. Increased accessibility to transactions facilitated by stablecoins is anticipated to benefit asset managers and financial organizations.
SG-FORGE Chief Revenue Officer Guillaume Chatain emphasized the strategic significance of the Stellar integration:
“Our upcoming integration with Stellar represents a pivotal moment in bridging traditional finance with the digital asset ecosystem. Stellar’s approach and established connections with asset managers and TradFi institutions align perfectly with our mission to achieve broader adoption of stablecoins within the financial system.”
The Stellar integration will increase the usefulness of XLM, the network’s native asset, in the DeFi and Web3 ecosystems in addition to its use in conventional banking. One important growth area is asset tokenization, a quickly developing industry that has drawn the attention of big financial firms like Franklin Templeton, Fidelity Investments, and BlackRock.
The Multi-Chain Stablecoin Strategy of SG-FORGE
In April 2023, SG-FORGE first introduced EURCV on Ethereum. To further demonstrate its dedication to a multi-chain strategy, the company has also revealed plans to launch the stablecoin on the XRP Ledger (XRPL) by 2025.
In addition to having electronic money institution status and being registered as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF), SG-FORGE operates under the regulatory framework of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
By introducing EURCV on Stellar, SG-FORGE advances the use of stablecoins that comply with MiCA throughout the European financial landscape and solidifies its position as a pioneer in regulated digital asset solutions.
