Societe Generale FORGE (SG-FORCE) said it plans to introduce its MiCAR compliant stablecoin EURCV to the Stellar blockchain.
The stablecoin was first launched on Ethereum, which remains the sole blockchain so far. However, it also plans to issue on Solana and the XRP Ledger.
“Our upcoming integration with Stellar represents a pivotal moment in bridging traditional finance with the digital asset ecosystem,” said Guillaume Chatain, Chief Revenue Officer at SG-FORGE.
“The Stellar 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.”
Stellar’s founder was previously at Ripple, so the blockchain has targeted payments from day one. Years ago IBM even used Stellar to launch a global payment network linking banks, IBM World Wire, but was perhaps ahead of its time.
In terms of current institutional traction, Stellar’s biggest fan is asset manager Franklin Templeton. It launched its FOBXX money market fund on Stellar, which remained its sole blockchain for years. Of late, FOBXX has expanded to six other blockchains, but Stellar still accounts for almost two thirds, with around $392 million BENJI (FOBXX) on the blockchain and 870 Franklin Templeton clients.
Meanwhile, EURCV still remains nascent, with a market capitalization of €41m ($43m). Four wallets account for more than 90% of the holdings and three of those wallets representing €25 million and have not transacted. That said, expanding to other blockchains has worked well for the PayPal stablecoin and Franklin Templeton’s BENJI. So the EURCV expansion makes sense.
SG-FORGE is one of just ten institutions that are approved to issue stablecoins in Europe, including three in France. The others are: