Societe Generale-FORGE has successfully launched its euro-denominated stablecoin, EUR CoinVertible (EURCV), on the Stellar blockchain, marking its third deployment across different networks. This expansion follows previous launches on Ethereum and the XRP Ledger, enhancing the stablecoin's accessibility for blockchain financial applications.
The EURCV stablecoin, which was initiated in April 2023, is fully backed by reserves of bank deposits and high-quality liquid assets at a one-to-one ratio. Currently, its market capitalization stands at approximately $452 million, according to data from DefiLlama. The integration with Stellar aims to leverage the network’s advantages, including high transaction speeds, low fees, and support for tokenized assets.
This development comes amid a broader push for euro-denominated stablecoins in a market predominantly led by US dollar-backed currencies. Tether’s USDT currently commands the sector with a market cap of around $185 billion, while Circle’s USDC follows at about $78 billion. The European Union's regulatory framework, MiCA, which was established in June 2024, imposes strict licensing requirements for stablecoin issuers in the region.