SG Forge, a subsidiary of Societe Generale, is launching its euro-backed stablecoin, EURCV, on Solana, following its initial release on Ethereum last year.
SG Forge, a subsidiary of French financial giant Societe Generale, has decided to introduce its euro-backed stablecoin EUR CoinVertible (EURCV) on the Solana blockchain. The move follows stablecoin’s initial launch on the Ethereum network last year.
EURCV, designed as a highly regulated alternative to dollar-backed stablecoins such as Tether USDT $1.00 24h volatility: 0.0% Market cap: $148.44 B Vol. 24h: $37.29 B and Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $61.95 B Vol. 24h: $7.14 B , aims to fill the gap in euro-centric digital currencies. However, its uptake on Ethereum has been modest, with only 28 holders, 154 lifetime transactions, and a total issuance of €33 million, according to Etherscan. The transition to Solana, known for its speed and low transaction fees, could potentially revive interest in the stablecoin.
In a press release, SG Forge’s CEO, Jean-Marc Stenger, highlighted the advantages of Solana’s blockchain technology, stating that its high-speed capabilities will “unlock new possibilities for both retail users and institutional players in DeFi.” The decision to integrate EURCV on Solana reflects the increasing demand for faster and more cost-efficient blockchain solutions, especially as Solana has rapidly gained traction within the broader cryptocurrency market.
The expansion of EURCV into Solana comes at a pivotal time for the euro stablecoin market. The recent debit of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework has set the stage for massive growth in euro-pegged stablecoins. MiCA provides legal clarity and consumer protection for issuers of digital assets, ensuring a more structured environment for stablecoin adoption in the European market.
Patrick Hansen, European Union strategy and policy director at Circle, stated in July that MiCA could boost the euro stablecoin market. Circle, which operates its own euro-pegged stablecoin, EUROC, ranks among the top five in this emerging sector. SG Forge’s decision to leverage Solana’s efficiency may help EURCV compete in this increasingly competitive space.
Solana’s Growing Ecosystem
Solana’s stablecoin ecosystem has seen massive growth in recent times, which is also reflected in the rising supplies of USDC and USDT on the platform. This notable influx is evident in the performance of PayPal’s USD-pegged stablecoin PYUSD PYUSD $1.00 24h volatility: 0.0% Market cap: $879.90 M Vol. 24h: $24.50 M on the network.
Solana’s ability to handle large transaction volumes with minimal fees has been a major factor in its growing popularity, positioning it as a formidable rival to Ethereum in the DeFi space. Solana’s total value locked (TVL) stands at $5.24 billion – an increase of 17 times in just one year, according to data from DeFiLlama. While Ethereum continues to dominate with a TVL of $48 billion, its growth has been more moderate, doubling over the same period.
As of Friday, the price of Solana SOL $146.7 24h volatility: 1.3% Market cap: $75.97 B Vol. 24h: $3.17 B reached $150, marking a staggering 650% increase over the past year. In comparison, Ethereum ETH $1 803 24h volatility: 1.1% Market cap: $217.93 B Vol. 24h: $12.89 B has seen slower growth, currently trading at around $2,546, up by 55% in the same period.
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