Societe Generale Launches EUR-Backed Stablecoin on Stellar

Societe Generale-FORGE, a subsidiary of Societe Generale Group, has made a significant stride in the stablecoin landscape by launching its EUR-backed stablecoin, EURCV CoinVertible, on the Stellar blockchain network. This move, announced on February 20, aligns with the company's multi-chain strategy and is compliant with the Markets in Crypto-Assets (MiCA) regulation in Europe.

The EURCV CoinVertible stablecoin will leverage Stellar's scalable and low-cost network to enhance the platform's cross-border payments ecosystem. By integrating with Stellar, SG-FORGE aims to drive broader adoption of digital euro transactions among financial institutions and asset managers, fostering a more interconnected financial system.

Guillaume Chatain, chief revenue officer at SG-FORGE, emphasized the significance of this integration: "Our upcoming integration with Stellar is a milestone in bridging traditional finance and the digital asset economy. Stellar’s philosophy and current connections with asset managers and TradFi institutions are directly in line with our mission to enable broader utilization of stablecoins within the financial system."

The collaboration between SG-FORGE and Stellar is also set to drive EURCV into non-traditional finance use cases, increasing the utilization of XLM in decentralized finance (DeFi) and Web3 applications. This integration will promote asset tokenization, a rapidly growing market in blockchain finance, as large global monetary players, such as BlackRock, Fidelity Investments, and Franklin Templeton, enter the space.

Societe Generale-FORGE is authorized as an electronic money institution by the Autorité de Contrôle Prudentiel et de Résolution and has a digital asset service provider (DASP) registration approved by the Autorité des Marchés Financiers. With this latest move, SG-FORGE continues to push its vision of bridging stablecoins into mainstream finance networks, leveraging blockchain technology to foster innovation in digital assets and tokenized finance.