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.
“The combination of Solana’s high speed network and SG-FORGE’s reliable, secure stablecoin will unlock new possibilities for both retail users and institutional players in DeFi,” said Jean-Marc Stenger, CEO of Societe Generale-FORGE.
Until the coin became MiCAR compliant, EURCV transactions could only take place between whitelisted wallets. SG-FORGE has put considerable effort into the stablecoin. It’s listed on Bitstamp and has two market makers in Flowdesk and Wintermute.
SG-FORGE the public blockchain trailblazer
While more patience may be needed to see EURCV prosper, to date SG-FORGE has been a trailblazer. EURCV is the first stablecoin issued by a subsidiary of a global systemically important bank (G-SIB). SG-FORGE also hosted the first digital bond issuance by the European Investment Bank using the Ethereum public blockchain and developed a tokenization framework, CAST. Plus, it was one of the first banks to engage with the MakerDAO stablecoin protocol, borrowing millions of dollars from the protocol and providing collateral in the form of a digital covered bond.
