Societe Generale-FORGE (SG-FORGE) plans to expand its EURCV stablecoin to the Solana blockchain. So far the MiCAR complaint coin has been issued on the Ethereum blockchain.
The second iteration of EURCV hasn’t seen a huge take up with a market capitalization of €33 million. While there are 28 holders, 97% of the balance sits in four wallets. Two of those wallets holding €20 million were created two months ago and have not transacted since.
SG-FORGE referred to the benefits of Solana as low fees, fast transactions and enhanced stability. We’d also observe that PayPal expanded its PYUSD stablecoin to Solana less than three months ago and has seen its market capitalization roughly double. While more than 30% of the PayPal stablecoin on Ethereum is held by the issuer Paxos, the Solana version is dominated by DeFi activity.
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