Societe Generale’s digital asset arm, SG-FORGE, has launched its euro-denominated stablecoin EUR CoinVertible on the XRP Ledger, marking its third public blockchain deployment after Ethereum and Solana.
The rollout is supported by Ripple’s custody infrastructure and may allow integration into Ripple products, including use as trading collateral, broadening institutional access to the euro-backed token.
SG-FORGE said the expansion builds on recent interoperability efforts, coming weeks after SWIFT tested the stablecoin in a pilot for exchange and settlement of tokenised bonds in both fiat and digital currencies.
EUR CoinVertible is backed 1:1 by bank cash deposits or high-quality securities, with around 70.51 million tokens in circulation at the time of writing, positioning it as a MiCA-compliant euro stablecoin within the European regulatory framework.
The launch comes as European policymakers debate digital money strategy, with Germany’s central bank president Joachim Nagel recently urging progress on both a retail euro central bank digital currency and euro-denominated stablecoins to safeguard monetary sovereignty.
Under the European Union’s Markets in Crypto-Assets regime, which took effect on June 30, 2024, stablecoin issuers must secure an e-money licence within the bloc, prompting some exchanges and issuers to delist non-compliant tokens while others, including Circle, moved to align with the rules.
The multi-chain expansion also unfolds amid growing dominance of US dollar-pegged stablecoins such as USDT and USDC, which account for more than 80% of total market capitalisation, intensifying pressure on European institutions to strengthen the region’s own digital currency ecosystem.
At the time of reporting, XRP price was $1.43.