Recently, Societe Generale-FORGE, a subsidiary of Societe Generale Group and licensed investment firm, has launched its EUR-backed stablecoin (EURCV) on the Stellar network, offering users and businesses a secure, transparent, and scalable digital euro stablecoin.
Combining MiCA Compliance with Stellar Blockchain
The launch of EURCV CoinVertible combines the trusted MiCA framework with the powerful Stellar blockchain, marking a milestone in Europe’s digital asset growth. As one of the first fully MiCA-compliant Euro-backed stablecoins, it offers users security and transparency.
Powered by Stellar’s fast and cost-efficient network, it enhances cross-border transactions and financial services. Joining Stellar’s expansive ecosystem also broadens its reach, connecting it to a diverse network of financial institutions, asset managers, and traditional finance players.
Technical Benefits With Stellar
SG-FORGE chose to launch the stablecoin on Stellar because of its key technical benefits. Stellar’s high scalability can handle thousands of transactions per second, making it perfect for high-volume operations. Transactions are fast, completing in seconds, which is essential for real-time financial use. Plus, Stellar’s low transaction costs, just a fraction of a cent, make it ideal for small payments and cross-border transfers. Additionally, Stellar’s strong support for asset tokenization perfectly aligns with SG-FORGE’s needs for stablecoin issuance.
The Stellar network’s features, including its built-in decentralized exchange and support for asset tokenization make it easy to integrate EURCV CoinVertible into various financial services.
Denelle Dixon, CEO at Stellar Development Foundation emphasized that this development marks a significant step forward in the evolution of digital payments. He noted that through the integration, 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.
EURCV Boosts XLM in DeFi, Web3, and Asset Tokenization Growth
Notably, the integration will not only bring EURCV to traditional finance users but also boost XLM’s role in decentralized finance and the web3 space. A key focus of the partnership will be asset tokenization, which is growing rapidly, especially with major players like BlackRock, Fidelity, and Franklin Templeton entering the field.
Notably, SG-FORGE had earlier announced plans to launch the stablecoin on the XRP Ledger in 2025. The company is approved as an electronic money institution by the Autorité de Contrôle Prudentiel et de Résolution and also holds a digital asset service provider license from the financial regulator, Autorité des Marchés Financiers.
