SG-FORGE Digital Asset Department of Societe Generale has launched the euro-pegged stablecoin EUR CoinVertible on the XRP Ledger, after its debut on Ethereum and Solana. The move is supported by Ripple’s custody infrastructure, enabling integration into Ripple products and use as collateral assets for trading.
Previously, SWIFT tested this stablecoin in a tokenized bond payment pilot program. EUR CoinVertible is backed 1:1 by deposits or high-quality securities, with approximately 70.5 million tokens in circulation.
In the context of MiCA coming into effect, Europe is accelerating the development of on-shore stablecoins. Bundesbank President Joachim Nagel called for promoting both CBDCs and euro-pegged stablecoins to reduce reliance on USD-pegged tokens like Tether’s USDT and Circle’s USDC.
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