Société Générale Launches New Euro-Pegged Stablecoin on Solana

SG Forge, part of Société Générale, revealed on Friday its plans to launch the EUR CoinVertible (EURCV), a euro-pegged stablecoin, on the Solana blockchain.

Initially introduced on Ethereum last year, EURCV is designed as a regulated alternative to popular dollar-pegged stablecoins like those from Tether and Circle.

Despite its regulatory framework, EURCV has faced challenges in attracting users, with only 28 holders and a mere 154 transactions, as noted on Etherscan.

The move to Solana is seen as a way to test demand for euro-pegged stablecoins on a more efficient network, which SG Forge believes could provide significant advantages.

CEO Jean-Marc Stenger emphasized that Solana’s speed could create new opportunities for both retail and institutional participants in the decentralized finance (DeFi) sector.

A recent report from Bernstein highlights the growing importance of stablecoins in the global financial landscape, as companies aim to replicate the success of major players like Circle and Tether, which benefit from the government securities backing their assets.