Societe Generale FORGE (SG-FORGE) has announced plans to launch its MiCAR-compliant stablecoin, EURCV, on the Stellar blockchain. Initially introduced on Ethereum, this marks the first expansion of EURCV to another network, with future issuances also being considered for Solana and the XRP Ledger.
The company highlighted that integrating with Stellar is a significant step towards connecting traditional finance with digital assets. According to SG-FORGE executives, Stellar’s strong affiliations with asset managers and traditional financial institutions align well with the organization’s vision of expanding stablecoin adoption within the mainstream financial sector.
Stellar’s Role in Financial Transactions
Stellar, founded by a former Ripple executive, has prioritized payment solutions since its inception. IBM previously leveraged the network to develop IBM World Wire, a global payment system designed to connect banks. Although the initiative may have been ahead of its time, it underscored Stellar’s capabilities in institutional finance.
Among the financial firms utilizing Stellar, Franklin Templeton stands out as a key proponent. The asset manager initially launched its FOBXX money market fund on Stellar, keeping it as the sole blockchain for an extended period. While FOBXX has since expanded to multiple networks, Stellar continues to host the majority of its assets, accounting for nearly two-thirds of the total, with around $392 million worth of BENJI (FOBXX) and 870 clients utilizing it.
The Growth Potential of EURCV
Despite its early-stage adoption, EURCV currently holds a market capitalization of €41 million ($43 million). However, a small number of wallets dominate its circulation, with four accounts controlling over 90% of the total supply. Three of these wallets, collectively holding €25 million, have yet to engage in transactions. Even so, expansion to multiple blockchains has proven beneficial for other stablecoins, such as those issued by PayPal and Franklin Templeton. The decision to broaden EURCV’s reach aligns with this trend, making it a logical step forward.
Europe’s Stablecoin Issuers
SG-FORGE remains among the few institutions authorized to issue stablecoins under European regulations. Out of ten approved issuers in the region, three are based in France, including SG-FORGE itself. Other institutions authorized in Europe include firms from the Netherlands, Malta, Luxembourg, and Finland.
The list of approved stablecoin issuers in Europe includes:
- France: SG-FORGE, Circle, Salvus
- Netherlands: Quantoz Payments, Fiat Republic
- Malta: StabLR, Stable Mint, Foris MT
- Luxembourg: Banking Circle
- Finland: Membrane Finance
With further blockchain integrations and increasing institutional interest, SG-FORGE’s EURCV stablecoin is positioning itself for broader adoption in the evolving digital financial landscape.