Societe Generale-FORGE Launches Euro-Backed Stablecoin on Stellar

Societe Generale-FORGE, a subsidiary of Societe Generale Group and a licensed investment firm, has listed its euro-backed stablecoin on the Stellar network. After several stablecoin issuers received regulatory approval to offer stablecoins that comply with Markets in Crypto Assets requirements in Europe, SG-FORGE announced that it has chosen the Stellar blockchain network to launch its stablecoin.

On February 20, Societe Generale-FORGE said its multi-chain strategy is coming to fruition with the deployment of the MiCA-compliant EURCV CoinVertible stablecoin on Stellar. The stablecoin will leverage the fast, scalable, and cost-effective Stellar network, and the overall benefit to users will be that this product will give a boost to the blockchain platform’s cross-border payments ecosystem. In this case, the SG-FORGE stablecoin will see further adoption among financial institutions and asset managers.

The integration will not only bring EURCV to traditional financial users, but will also strengthen the utility of XLM in the broader decentralized finance and Web3 space. One of the major developments that the partnership will support is asset tokenization, a sector that continues to grow as global giants like BlackRock, Fidelity Investments, and Franklin Templeton enter the market.

Image: freepik

Designed by Freepik