This European Bank Launches Euro-Based Stablecoin On XRP Ledger

XRP crypto assets. (Photo; Doc. BlockWorks)

JAKARTA - The Ripple crypto asset (XRP) has shown a brilliant achievement with a price spike of more than 15% in the last 24 hours. The increase comes after a large French bank, Societe Generale (SocGen), announced plans to launch a euro-based stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network.

The EURCV stablecoin was first launched on a crypto exchange platform based in Luxembourg, Bitstamp, last year. Initially, the EURCV ran on the Ethereum (ETH) blockchain, and a few months later, SocGen decided to expand its use to Solana (SOL). Now, XRPL is the latest blockchain platform to support the stablecoin.

Guilleum Chatain, Chief Revenue Officer of Societe Generale-FORGE, the bank's digital asset unit, explained that this decision was based on XRPL's superiority in terms of transparency, security, and scalability. "This platform is ideal for the launch of our stablecoin that complies with regulations," he said.

Comply With MiCA Rules

The EURCV is designed in accordance with Markets in Crypto-Assets Regulation (MiCA) regulations implemented by the European Union. This regulation sets surveillance standards, consumer protection, to financial crime prevention measures such as market manipulation, money laundering, and terrorism financing.

The launch of this stablecoin not only confirms SocGen's commitment to digital asset adoption, but also adds to market confidence in the XRP Ledger ecosystem, which is known to be friendly to regulations.

Impact On XRP Price

This announcement had a significant impact on the price of XRP, which jumped more than 15% to become one of the best performing crypto assets in the market in the last 24 hours. The spike also underscores XRPL's role as a blockchain infrastructure that is increasingly relied on by global financial institutions. SocGen's decision also put XRP Ledger on the large-scale blockchain technology adoption map.