SG-FORGE has introduced EUR CoinVertible, a stablecoin on the XRP Ledger, increasing the asset’s presence across blockchain networks beyond its current Ethereum and Solana platforms.

This integration leverages Ripple’s custody solution. Both companies are looking to explore further applications, such as incorporating EUR CoinVertible into Ripple’s offerings and utilizing it for trading collateral. This marks the third blockchain on which the digital asset is available, demonstrating SG-FORGE’s aim to expand its services while adhering to regulatory standards.

Scalability and Efficiency

The XRP Ledger is a decentralized Layer 1 blockchain known for swift and economical transactions. SG-FORGE chose this network due to its scalability and transaction speed, which align with the company’s needs.

Ripple has maintained a partnership with SG-FORGE as an asset infrastructure provider, with its custody solution facilitating the launch of EUR CoinVertible. Cassie Craddock, Ripple’s Managing Director for the UK and Europe, highlighted that this collaboration underscores Ripple’s longstanding support for SG-FORGE in developing crypto-assets tailored to institutional clients in Europe.

Jean-Marc Stenger, SG-FORGE’s CEO, referred to the XRP Ledger deployment as a significant step towards offering regulated digital assets. He stated that the firm plans to continue broadening its portfolio of digital asset solutions.

Regulatory and Market Context

EUR CoinVertible was among the first euro-stablecoins issued by a regulated European financial institution. SG-FORGE, as the digital assets division of Société Générale, operates within the EU’s crypto-asset regulations framework. The multi-chain approach reflects growing market interest in stablecoins that can operate across various blockchain ecosystems while complying with regulatory requirements like MiCA.

The availability of EUR CoinVertible on the XRP Ledger opens up new opportunities for institutional counterparties and trading platforms to utilize this asset.