Introducing EUR CoinVertible on Stellar Blockchain
Societe Generale’s unit SG-FORGE has recently launched EUR CoinVertible (EURCV), a euro-backed stablecoin, on the Stellar blockchain. This move is part of the company’s multichain strategy and aims to ensure compliance with the EU’s Markets in Crypto-Assets (MiCA) regulation.
Benefits of Stellar Integration
- EURCV’s deployment on Stellar signifies a significant milestone for regulated digital assets in Europe.
- The stablecoin was initially launched on Ethereum (ETH) and will now leverage Stellar’s high-speed and low-cost transaction capabilities.
- Stellar’s scalability, fast settlement times, and low transaction fees make it an ideal network for EURCV, enhancing its utility for cross-border payments and financial applications.
- Integration with Stellar provides EURCV access to Stellar’s DEX and its extensive network of asset managers, financial institutions, and traditional finance entities.
Emphasis on Regulatory Compliance
EURCV stands out as one of the first stablecoins to fully comply with MiCA regulations, ensuring greater transparency and security for investors. This alignment with Europe’s evolving digital asset framework is expected to drive institutional adoption of the stablecoin.
Guillaume Chatain, SG-FORGE’s chief revenue officer, stated:
“Our integration with Stellar bridges traditional finance with digital assets, aligning with our mission to expand stablecoin adoption within the financial system.”
Denelle Dixon, CEO of the Stellar Development Foundation, described the partnership as a significant step forward in digital payments evolution, offering businesses and individuals a more efficient way to store and transfer value globally.
Societe Generale’s expansion onto Stellar reflects the increasing institutional interest in blockchain-based financial solutions. With major banks turning to public blockchains for regulated digital assets, stablecoins like EURCV are poised to play a pivotal role in Europe’s financial landscape.
This launch follows Societe Generale’s other blockchain initiatives, such as issuing green bonds and conducting repo transactions on a public blockchain in collaboration with the French central bank.
