Societe Generale SG-FORGE Launches Euro Stablecoin on XRP Ledger
SG-FORGE, the digital asset arm of French banking group Societe Generale, has deployed its euro-denominated stotcoin Euro CoinVertible on the XRP Ledger, marking its third blockchain launch after Ethereum and Solana.
According to Wednesday's announcement, the release is supported by Ripple's security infrastructure and allows for integration with Ripple products, including use as a trading wallet. SG-FORGE said the move will expand institutional access to the euro-backed token on another public network.
The launch comes nearly a month after global banking network SWIFT tested SocGen's euro-pegged stablecoin on exchanges and bonds based on fiat and digital currencies. SG-FORGE claims that EuroCoinVertible is the first MiCA-compliant digital asset designed to integrate directly with the SWIFT interoperability framework.
EUR CoinVertible is backed 1:1 by bank cash deposits or high-quality collateral. At the time of writing, there were 70.51 million tokens in circulation.
SWIFT's pilot and multi-chain expansion clash with a broader policy debate over the future of digital money in Europe.
On Monday, German central bank president Joachim Nagel said Europe should develop both a retail euro central bank digital currency (CBCC) and a euro-denominated stable coin, arguing that domestic digital payment instruments could strengthen the region's independence in payment systems.
Earlier this month, Nagel warned participants at the Euro 50 group meeting that the role of the US dollar-denominated stablecoin in Europe could weaken domestic monetary policy and undermine European sovereignty if euro-backed alternatives fail to gain enough market share.
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The appearance of a European stable coin under MiCA
EU Markets in Crypto-Assets (MICA) Regime Stable Coin Provisions came into effect on June 30, 2024, requiring issuers operating in the European Economic Area to obtain an e-money license in at least one EU member state. The rules have prompted many exchanges to cancel or limit tokens that are not licensed under the new framework.
Coinbase, OKX, Bitstamp, Uphold and Binance were among several platforms that moved to remove or limit support for non-compliant stablecoins in response to the new regulations.
In the year In November 2024, Tether announced that it would debase the euro-peg stablecoin EURT, ceasing work on all blockchain operations and giving holders a year to redeem their tokens.
However, while many exchanges and issuers have opted to leave the EU, others have moved to comply with the new rules. In the year In July 2024, Circle became the first global stablecoin issuer to obtain authorization under the MCA, a major trading activity for its USDC token that month.
Meanwhile, in the United States, the passage of the GENIUS law in July 2025 has accelerated activity in the stablecoin market, with a total market capitalization of approximately $260 billion in July 19 to $307.6 billion, according to Defillama data.
The asset sector continues to be strongly supported by Tether (USDT) and Circle (USDC), the US dollar-pegged tokens that account for more than 80% of the total market capitalization.
The divergence in the market has drawn attention from European central bankers, who argue that strengthening the region's own stable coin ecosystem is key to countering the growing dominance of the dollar in digital assets.
In December, BNP Paribas said it had joined nine EU-based banks through its newly formed Amsterdam-based legal entity Qivalis to launch a euro-backed stablecoin in the second half of 2026.
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