Societe Generale-FORGE has deployed its euro-backed stablecoin EUR CoinVertible on the Stellar as part of a multichain expansion strategy.
The move extends the MiCA-compliant stablecoin’s availability across multiple blockchain networks to support tokenised assets and blockchain-based financial services.
EURCV represents a tokenised euro issued by Societe Generale-FORGE and is designed to comply with the European Union’s Markets in Crypto-Assets Regulation.
The company said Stellar was chosen for its high transaction throughput, low network fees and built-in support for tokenised assets, including an onchain decentralised exchange.
Societe Generale-FORGE first launched EUR CoinVertible on Ethereum in April 2023 and recently expanded it to the XRP Ledger and Solana.
The euro stablecoin is fully backed by bank deposits and high-quality liquid assets on a one-to-one basis and currently holds a market capitalisation of about $452 million.
In January, global payments network SWIFT used EURCV in a pilot program demonstrating the exchange and settlement of tokenised bonds using both fiat and digital currencies.
Despite growing interest in euro-backed tokens, the stablecoin market remains dominated by dollar-pegged assets such as Tether and USD Coin.
At the time of reporting, Ethereum price was $2,036.38.