France's Societe Generale crypto unit SG-FORGE has deployed its euro-based stablecoin, EUR CoinVertible (EURCV), on the Stellar blockchain, Cointelegraph reported on March 10.
EURCV is a euro token that complies with the European Union's Markets in Crypto-Assets (MiCA) rules. It is set to be used in blockchain-based financial applications and asset services.
SG-FORGE highlighted that the Stellar network offers high throughput, low fees and support for tokenised assets. It explained that on-chain asset trading is possible through Stellar's decentralised exchange. EURCV was first launched on Ethereum in April 2023 and is backed 1-for-1 by bank deposits and high-liquidity assets.
Its current market capitalisation is about $452 million. Data from DefiLlama show it has expanded from Ethereum and Solana to Stellar.
In January, the global bank network SWIFT ran a pilot for tokenised bond exchange and settlement using EURCV.
Chi-gyu Hwang
delight@d-today.co.kr