Societe Generale-FORGE Deploys MiCA-Compliant EURC Stablecoin on the Stellar Network

Societe Generale-FORGE, a subsidiary of Societe Generale Group and licensed investment firm, has deployed its euro-backed stablecoin on the Stellar network.

Banking giant Societe Generale has deployed its digital euro stablecoin on the Stellar network through its subsidiary.

Several stablecoin issuers have obtained regulatory approval to offer Markets in Crypto Assets (MiCA)-compliant stablecoins in Europe. Among them, Societe Generale-FORGE, a subsidiary of Societe Generale Group and a licensed investment firm, has announced its selection of the Stellar (XLM) blockchain network for its own launch.

On Feb. 20, Societe Generale-FORGE announced that its multi-chain strategy is taking flight with the deployment of the MiCA-compliant stablecoin EURCV CoinVertible on Stellar.

The digital euro stablecoin will utilize Stellar’s fast, scalable and cost-effective network, ultimately benefiting users by boosting the blockchain platform’s cross-border payments ecosystem. In this case, SG-FORGE’s stablecoin will see further adoption among financial institutions and asset managers.

“Our upcoming integration with Stellar marks a pivotal moment in bridging traditional finance with the digital asset ecosystem,” said Guillaume Chatain, chief revenue officer at SG-FORGE.

“Stellar’s approach and established connections with asset managers and TradFi institutions align perfectly with our mission to achieve broader adoption of stablecoins within the financial system.”

The integration will not only introduce EURCV to traditional finance users but also bolster XLM utility in the broader decentralized finance (DeFi) and Web3 space. Among the major developments that the partnership will power is asset tokenization, a sector that has seen exponential growth with the entry of global behemoths like BlackRock, Fidelity Investments and Franklin Templeton.

Societe Generale-FORGE, founded in 2018, operates under Societe Generale Group. The firm’s operations include digital asset and blockchain services and solutions, which are offered to institutional issuers and investors. It launched the EURCV stablecoin on the Ethereum network in April 2023.

SG-FORGE has also previously revealed plans to debut the stablecoin on the XRP Ledger, which is targeted for 2025.

The company has obtained regulatory approval as an electronic money institution from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). It also holds a digital asset service provider (DASP) license, which is a registration authorized by the financial markets regulator Autorité des Marchés Financiers (AMF).