Societe Generale Launches Euro Stablecoin on XRP Ledger
- French Banking Group Societe Generale has integrated its euro stablecoin, EUR CoinVertible, on the XRPL with support from Ripple.
- EUR CoinVertible is collateralized by cash deposits or high-quality securities on a 1:1 basis, with around 70 million tokens currently in circulation.
- This launch marks the third blockchain for the stablecoin and aims to enhance institutional access to euro-backed tokens.
- The XRPL recently surpassed $1 billion in tokenized assets, indicating significant institutional activity on the platform.
- EUR CoinVertible is noted as the first MiCA-compliant digital asset designed for integration with SWIFT’s interoperability.
The launch of EUR CoinVertible on the XRPL reflects growing interest in stablecoins and their potential to facilitate transactions within institutional frameworks. This move aligns with Ripple’s roadmap to increase stablecoin launches on its ledger.
With over $1 billion in volume recorded for stablecoins, Societe Generale’s integration enhances the utility of digital assets within traditional finance systems.(Source)
