Societe Generale-FORGE announces the launch of its EUR-backed stablecoin (EURCV) on the Stellar network.
This expansion will open opportunities for users and businesses “to access a secure, transparent, and scalable digital euro stablecoin, powered by the innovative Stellar blockchain infrastructure.”
This move combines the regulatory assurance of the Markets in Crypto-Assets (MiCA) framework with robust Stellar blockchain infrastructure, “marking a significant milestone in the evolution of digital assets” in Europe:
- MiCA Compliance: As one of the first Euro stablecoins fully compliant with the EU’s MiCA regulations, EURCV CoinVertible stablecoin offers security and transparency for users.
- Stellar Network Integration: The EURCV CoinVertible will leverage the fast, scalable, and cost-effective Stellar blockchain technology, enhancing its utility for cross-border transactions and financial applications.
- Accessibility: By joining the Stellar ecosystem, EURCV CoinVertible will gain access to a diverse network of financial institutions, asset managers, and traditional finance (TradFi) entities already connected to the network.
The decision to deploy on Stellar was driven by several key technical advantages:
- Scalability: Stellar architecture allows for thousands of operations per second, ensuring the stablecoin can handle high transaction volumes.
- Speed: Transactions on Stellar typically complete in seconds, crucial for real-time financial applications.
- Low Transaction Costs: Operations on Stellar cost a fraction of a cent, making it ideal for micropayments and cross-border transfers.
- Asset Tokenization Support: The robust tokenization capabilities of Stellar align perfectly with SG-FORGE stablecoin issuance needs.
The Stellar network’s features, including its built-in decentralized exchange – which allows decentralized transactions “between end users on numerous cryptocurrencies – and support for asset tokenization, will enable EURCV CoinVertible to be seamlessly integrated into various financial applications and services.”
Guillaume Chatain, Chief Revenue Officer at SG-FORGE said:
“Our upcoming integration with Stellar represents a pivotal moment in bridging traditional finance with the digital asset ecosystem. The 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.”
Denelle Dixon, CEO at Stellar Development Foundation said:
“The arrival of Societe Generale-FORGE EUR stablecoin on the Stellar network represents a significant step forward in the evolution of digital payments. By combining the powerful blockchain technology of Stellar with a trusted MiCA-compliant stablecoin, users are offered a more efficient way to store and transfer value across borders, making it easier for individuals and businesses to adopt this new form of money.”