The digital assets arm of French banking group Societe Generale, SG-FORGE, has launched its euro-denominated stablecoin, EUR CoinVertible, on XRP Ledger, marking the third launch of the blockchain token after Ethereum and Solana.
According to Wednesday announcementthe implementation is supported by Ripple’s custodial infrastructure and could enable integration with Ripple products, including utilize as trading collateral. SG-FORGE said the move expands institutional access to the euro-backed token on another public network.
The launch comes about a month after global banking network SWIFT tested the euro-pegged SocGen stablecoin as part of a pilot for the exchange and settlement of tokenized bonds in both fiat and digital currencies. SG-FORGE stated that EUR CoinVertible is the first MiCA-compliant digital asset designed to directly integrate with the SWIFT interoperability framework.
EUR CoinVertible is supported through cash deposits in the bank or high-quality securities in a 1:1 ratio. At the time of writing, there were approximately 70.51 million tokens on the site circulation.
The SWIFT pilot and multi-chain expansion is developing in the context of a broader political debate in Europe about the future of digital money.
On Monday, Joachim Nagel, the governor of Germany’s central bank, said Europe should develop both a retail central bank digital currency (CBDC) and euro-denominated stablecoins, arguing that national digital payment tools could strengthen the region’s independence in payment systems.
Earlier this month, Nagel issued a warning to Euro50 participants meeting that the dominant role of US dollar-denominated stablecoins in Europe could undermine national monetary policy and weaken European sovereignty if euro-backed alternatives do not gain sufficient market share.
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The evolving stablecoin landscape in Europe under MiCA
The European Union’s stable coin (MiCa) rules came into force on 30 June 2024 and require issuers operating in the European Economic Area to obtain an e-money license in at least one EU member state. The rules have prompted several exchanges and issuers to delist or restrict tokens that have not been authorized under the fresh framework.
Coinbase, OKX, Bitstamp, Uphold and Binance were among several platforms that decided to remove or limit support for non-compliant stablecoins in response to the fresh regulations.
In November 2024, Tether also announced that it was phasing out its euro-pegged EURT stablecoin, pausing minting on all blockchains and giving holders a year to redeem their tokens.
However, while many exchanges and issuers have chosen to leave the EU, others have chosen to adapt to the fresh rules. In July 2024, Circle became the first global stablecoin issuer to be authorized under MiCA, a milestone that coincided with an boost in USDC token trading activity that month.
Meanwhile, in the United States, the transition GENIUS Act of July 2025 According to DefiLlama, activity in the stablecoin market has accelerated, with the total market capitalization increasing from approximately $260 billion on July 19 to approximately $307.6 billion data.
The asset sector remains heavily focused on US dollar-pegged tokens issued by Tether (USDT) and Circle (USDC), which account for over 80% of the total market capitalization.
Market disparities have attracted the attention of European central bankers, who say strengthening the region’s own stablecoin ecosystem is key to countering the dollar’s growing dominance in digital assets.
In December, BNP Paribas said it had joined nine other EU-based banks to launch a euro-backed stablecoin in the second half of 2026 through its newly established Amsterdam-based entity, Qivalis.
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