Societe Generale-Forge Launches EURCV Stablecoin on Stellar Network
Societe Generale-Forge has expanded its EUR CoinVertible (EURCV), a Euro-backed stablecoin, to the Stellar (XLM) network. This move is aimed at entering new markets and enhancing digital asset adoption, driven by institutional investors using stablecoins for liquidity management.
Key Points of EURCV Launch on Stellar
- The Stellar network features over $61 million in total value locked and approximately $236 million in stablecoin market cap.
- Stellar has surpassed $450 million in tokenized real-world assets (RWA), with projections reaching $3 billion by the end of 2025.
- Low transaction costs and high scalability are advantages offered by the Stellar network.
- EURCV has a market cap of about $43.8 million, fully backed by EUR at a 1:1 ratio.
- SG-Forge obtained a license as an Electronic Money Institution under MiCA regulations in 2024.
The launch is expected to positively influence XLM's price, as EURCV targets institutional investors looking for real-time settlement of tokenized securities. The current trading price of XLM stands at approximately $0.346, having increased over 250% since November last year.