The EUR CoinVertible (EURCV) stablecoin from Société Générale – FORGE, the bank’s digital asset division, is set to be deployed on the Solana blockchain. According to the banking institution, this integration will enable faster, more efficient and less costly transactions.
Société Générale –FORGE ready to deploy its EURCV stablecoin on the Solana blockchain
This Friday, FORGE, the division of Société Générale dedicated to digital assets, announced a new technical development for its stablecoin EUR CoinVertible (EURCV). The latter will soon be available on the Solana blockchain.
As the banking institution indicates, this integration ” will allow users to send, receive and exchange stablecoins with limited costs and near-instant transaction finality “By distributing the EURCV on Solana, FORGE intends increase the performance of its stablecoin while offering new functionalities around it.
💡 Check out our fact sheet on stablecoins to learn everything about this type of cryptocurrency
Among the new use cases of EURCV, Its users will be able to use the stablecoin to provide liquidity on DEXs or for other decentralized financial activities.. Developers will be able to create new decentralized applications (dApps) who will be able to ” benefit from the stability of the EURCV “.
For FORGE, the deployment of EURCV on Solana was necessary to offer all these new features, and so ” promote wider adoption of stablecoins ». Following this announcement, Nick Ducoff, Head of Institutional Growth at the Solana Foundationspoke about the upcoming integration of EURCV into the network:
We are delighted to welcome Société Générale –FORGE and its stablecoin EURCV into the Solana ecosystem.
Stablecoins are a key part of the DeFi landscape, and the introduction of MiCA-compliant EURCV on Solana will bring a powerful new option to users looking for speed, efficiency and stability.
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EURCV on Solana: an opportunity for Société Générale-FORGE to democratize its stablecoin
Société Générale – FORGE launched its Ethereum-based stablecoin EURCV in April 2023. In 18 months, it will have undergone some improvements, in particular under the MiCA regulation which will come into force on 30 December.
Since July 2024, EURCV is freely transferablewithout requiring prior authorization, and restructured itself as an Electronic-Money Token (ET).
With all these technical developments, as well as obtaining the status of Digital Asset Service Provider (DASP) a little over a year ago, Société Générale had opened the way to new uses for EURCV, notably in DeFiThis is what Jean-Marc Stenger, CEO of Société Générale – FORGE, explains:
The deployment of EURCV within the Solana ecosystem
marks a new milestone in the growth of SG-FORGE. The combination of Solana's high-speed network and the robustness of our stablecoin will open up new possibilities for both retail users and institutional players in the DeFi ecosystem.
💶 Discover our selection of stablecoins that follow the euro rate
However, if the EURCV presents itself as an alternative to Tether's USDT and Circle's USDCthe 2 most capitalized stablecoins on the market, FORGE's stablecoin struggles to gain traction. According to its Etherscan page, EURCV has only 28 holders for a total of 154 transactions the last of which took place 6 days ago.
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Source: Press release, Etherscan
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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