Societe Generale-FORGE Launches Euro-Backed Stablecoin on Stellar

Societe Generale-FORGE, a subsidiary of Societe Generale Group, has deployed its euro-backed stablecoin on the Stellar network.

With several stablecoin issuers obtaining regulatory approval to offer Markets in Crypto Assets-compliant stablecoins in Europe, SG-FORGE announced its selection of the Stellar (XLM) blockchain for its launch.

On February 20, Societe Generale-FORGE stated that its multi-chain strategy has taken flight with the deployment of the MiCA-compliant stablecoin, EURCV CoinVertible, on Stellar.

The digital euro stablecoin will utilize Stellar’s fast, scalable, and cost-effective network, enhancing cross-border payment capabilities on the blockchain platform.

This deployment aims to promote further adoption of SG-FORGE’s stablecoin among financial institutions and asset managers.

> “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,” said Guillaume Chatain, chief revenue officer at SG-FORGE.

Additionally, the integration is expected to not only enhance EURCV’s presence in traditional finance but also increase XLM utility in decentralized finance and the web3 space. The partnership will support asset tokenization, which is gaining momentum with major players like BlackRock, Fidelity Investments, and Franklin Templeton entering the sector.

Founded in 2018, Societe Generale-FORGE operates under Societe Generale Group, offering digital asset and blockchain services and solutions to institutional issuers and investors. The EURCV stablecoin was initially launched on Ethereum in April 2023.

SG-FORGE has also revealed plans to introduce the stablecoin on the XRP Ledger, targeted for 2025.

The firm holds regulatory approval as an electronic money institution from the Autorité de Contrôle Prudentiel et de Résolution and also maintains a digital asset service provider license granted by the financial markets regulator, Autorité des Marchés Financiers.

Read more: Societe Generale’s crypto division secures license in France