Societe Generale-FORGE launches EUR-backed stablecoin on Stellar

Societe Generale-FORGE, a subsidiary of Societe Generale Group and licensed investment firm, has deployed its euro-backed stablecoin on the Stellar network.

With several stablecoin issuers getting regulatory approval to offer the Markets in Crypto Assets-compliant stablecoins in Europe, SG-FORGE announced it selected Stellar (XLM) blockchain network for its own launch. 

On Feb. 20, Societe Generale-FORGE said its multi-chain strategy takes flight with the deployment of the MiCA-compliant stablecoin EURCV CoinVertible on Stellar. 

The digital euro stablecoin will leverage Stellar’s fast, scalable and cost-effective network, with the overall benefit to users being the boost this product will give to the blockchain platform’s cross-border payments ecosystem. 

In this case, SG-FORGE’s stablecoin will see further adoption across financial institutions and asset managers. 

“Our upcoming integration with Stellar represents a pivotal moment in bridging traditional finance with the digital asset ecosystem. Stellar’s approach and established connections with asset managers and TradFi institutions align perfectly with our mission to achieve broader adoption of stablecoins within the financial system,” Guillaume Chatain, chief revenue officer at SG-FORGE, said.

The integration will also not just bring EURCV to traditional finance users, but also bolster XLM utility in the broader decentralized finance and web3 space. One of the big developments the partnership will power is asset tokenization, a sector that continues to grow in leaps amid the entry of global behemoths such as BlackRock, Fidelity Investments and Franklin Templeton.

Societe Generale-FORGE, founded in 2018, operates under Societe Generale Group. The firm’s operations includes digital asset and blockchain services and solutions, with these offered to institutional issuers and investors. It launched the EURCV stablecoin on Ethereum in April 2023.

SG-FORGE previously revealed plans to debut the stablecoin on the XRP Ledger, with this targeted for 2025.

The company has regulatory approval as an electronic money institution from the Autorité de Contrôle Prudentiel et de Résolution. 

It also holds a digital asset service provider license. DASP is a registration authorized by the financial markets regulator Autorité des Marchés Financiers.