Payment infrastructure Ripple 
$1‘s altcoin, XRP, gained more than 15% on Friday despite a brief crypto market lull. This move comes after French bank Societe Generale (SocGen) announced its plan to use the euro-based stablecoin EUR CoinVertible (EURCV) on the XRP Ledger (XRPL).
Societe Generale’s EURCV Project
International bank Societe Generale launched EURCV on Luxembourg-based crypto exchange platform Bitstamp last year. Stablecoin, first Ethereum (ETH) 
$3,137 It was made available on . Months later, the bank announced plans to migrate EURCV to the Solana (SOL) network.
Euro-backed crypto asset EURCV is compliant with the European Union’s Market Regulation for Crypto-Assets (MiCA). MiCA introduces rules covering the supervision of crypto assets, consumer protection and environmental safety measures. The legislation includes measures aimed at reducing financial crimes such as market manipulation, money laundering and terrorist financing.
Market Performance of XRP
Guillaume Chatain, chief revenue officer of Societe Generale-FORGE’s digital assets unit, said XRP Ledger is the “ideal platform” to complement existing alternative networks.
“Our decision to launch this stablecoin on the XRP network stemmed from our desire to deliver a new generation of compliant digital assets that promote transparency, security and scalability.”
Currently, XRP is trading at $1.05 at the time of writing and has increased by approximately 70% in the last week.
Recent developments have contributed to XRP’s strong performance in the market. Societe Generale’s EURCV initiative on XRPL attracted the attention of investors by expanding the usage areas of XRP.
These developments have strengthened XRP’s position in the cryptocurrency market and increased potential future growth opportunities. EURCV’s compliant structure and regulatory support could enable wider adoption of XRP.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
