Societe Generale-FORGE has deployed its euro-backed stablecoin EUR CoinVertible on the Stellar network as part of its multichain expansion strategy.
The company said the move aims to expand the use of the token across blockchain-based financial applications and tokenized asset services.
EUR CoinVertible is designed to comply with the Markets in Crypto-Assets framework and represents a tokenized euro issued for digital asset markets.
EURCV expands to another blockchain
Societe Generale-FORGE said Stellar was selected because of its high transaction throughput, low network fees and built-in support for tokenized assets. The blockchain also includes a decentralized exchange that allows digital assets to be traded directly onchain.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
The stablecoin was first launched on the Ethereum network in April 2023 and is fully backed one-to-one by reserves that include bank deposits and high-quality liquid assets.
According to DefiLlama, EURCV currently has a market capitalization of about $452 million.
The Stellar launch comes shortly after the stablecoin was also deployed on the XRP Ledger, following earlier expansions to Ethereum and Solana.
Europe pushes regulated stablecoins
The stablecoin market has expanded since its inception yet maintains its primary market share through dollar-pegged tokens which account for most of its value. Tether operates as the largest market player with a current valuation near $185 billion while USD Coin holds the second position with a valuation around $78 billion.
The European Union established MiCA regulations in 2024, which require stablecoin providers who want to operate within the European Economic Area to secure e-money licenses from at least one EU member nation. The rules exist to establish more precise digital asset supervision systems because the region intends to increase its blockchain financial activities under regulatory control.
