Societe Generale-FORGE Launches EUR-backed Stablecoin on Stellar
French banking giant Societe Generale’s crypto subsidiary Societe Generale-FORGE (SG-FORGE) has launched its MiCA-compliant EUR-backed stablecoin EUR CoinVertible (EURCV) on the Stellar network.
The stablecoin is backed by Euros and issued on the Ethereum public blockchain. It’s also one of the first Euro stablecoins to fully comply with the EU’s Markets in Crypto-Assets (MiCA) regulations.
According to the press release, this expansion merges the MiCA regulatory assurance with Stellar’s blockchain infrastructure. Thanks to both the extension and the regulatory compliance, the company provides a secure, scalable, and transparent product.
As a result, the move will provide additional routes for users and businesses to access the company’s stablecoin. It will also further the evolution of digital assets in Europe, the team said.
Moreover, leveraging Stellar’s technology boosts EURCV’s utility for cross-border transactions and financial applications.
Meanwhile, the move has enabled SG-FIRGE to join Stellar’s entire ecosystem. This means that EURCV gained access to “a diverse network of financial institutions, asset managers, and traditional finance (TradFi) entities already connected to the network.”
Per Denelle Dixon, CEO at Stellar Development Foundation, EURCV launching on Stellar is “a significant step forward in the evolution of digital payments.”
“By combining the powerful blockchain technology of Stellar with a trusted MiCA-compliant stablecoin, users are offered a more efficient way to store and transfer value across borders, making it easier for individuals and businesses to adopt this new form of money, Dixon noted.
Established Connections With TradFi
The latest expansion allows EURCV to be integrated into various financial applications and services. This is thanks to the features of the Stellar network. For example, its built-in decentralized exchange (DEX) enables decentralized transactions between users on numerous cryptos, the announcement states.
As to why the company chose Stellar specifically, the announcement said that the reason is crucial technical advantages.
These include asset tokenization support, high scalability, and speed, as transactions usually complete in seconds, which is vital for real-time financial applications.
Additionally, transactions cost a fraction of a cent, which is vital for micropayments and cross-border transfers, it added.
“Our upcoming integration with Stellar represents a pivotal moment in bridging traditional finance with the digital asset ecosystem,” said Guillaume Chatain, Chief Revenue Officer at SG-FORGE. “The 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.”
Meanwhile, Societe Generale-FORGE is an integrated and regulated subsidiary of the Societe Generale Group and the issuer of EURCV. It has built an open, institutional-grade platform for digital asset trading, “backed by bank-grade security and regulatory compliance,” it states.
In late December 2024, Societe Generale completed a test repo transaction using Banque de France Central Bank Digital Currency (CBDC) on the Ethereum blockchain.
In September 2024, SG-FORGE partnered with Bitpanda to increase access to its stablecoin.
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