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.
Chainlink co-founder Sergey Nazarov predicts that tokenized real-world assets (RWAs) will soon surpass cryptocurrencies in value.
Australia’s central bank has decided to prioritize the development of a wholesale central bank digital currency (CBDC) over a retail version.
Circle has announced that it will now support local bank transfers for USDC in Mexico and Brazil, using the countries’ real-time payment systems PIX and SPEI.
CEX.io, a centralized cryptocurrency exchange, has unveiled a new integration with financial services firm MoneyGram and the Stellar blockchain.