Société Générale’s crypto subsidiary takes a decisive step forward in its multi-chain strategy by deploying the EUR CoinVertible (EURCV) on Ripple’s XRP Ledger. After Ethereum, Stellar, and Solana, one of Europe’s largest banks is now bringing its flagship euro stablecoin to the Ripple network — with clearly defined institutional ambitions.
Official Launch on February 19, 2026
SG-FORGE, Société Générale’s blockchain and crypto-assets subsidiary, officially announced on February 19, 2026 the deployment of its EUR CoinVertible (EURCV) stablecoin on Ripple’s XRP Ledger (XRPL). This marks the fourth blockchain on which EURCV is now live, following Ethereum (launched April 2023), Solana (June 2025), and Stellar (February 2025).
Jean-Marc Stenger, CEO of SG-FORGE, commented on the milestone:
« The successful launch of EUR CoinVertible on the XRP Ledger represents a new milestone that reinforces our commitment to providing next-generation compliant crypto assets, promoting transparency, security, and scalability. We look forward to continuing our innovations and expanding the reach of our digital asset solutions portfolio. »
Jean-Marc Stenger, CEO of SG-FORGE
EURCV by the Numbers: A Rapidly Growing Stablecoin
Since its initial launch in April 2023, the EUR CoinVertible has experienced a remarkable growth trajectory. At the time of the XRPL deployment, the stablecoin boasts a market capitalization of approximately €65.8 million (~$77.5 million), making it the second largest euro stablecoin in the market, behind Circle’s EURC.
The number of token holders has surged from just 28 in September 2024 to over 500 by February 2026, illustrating the growing adoption of this electronic money token. The EURCV is backed 1:1 by cash or high-quality securities, with its composition and valuation published daily on the SG-FORGE website.
Why the XRP Ledger?
The choice of XRP Ledger is far from arbitrary. SG-FORGE cites the specific technical advantages of Ripple’s network, which are particularly well-suited to institutional financial needs:
- Speed: transactions settle in just 3 to 5 seconds
- Low cost: negligible transaction fees compared to competing blockchains
- Scalability: processing capacity of up to 1,500 transactions per second (TPS)
- Decentralized Layer 1 architecture: a secure and battle-tested infrastructure since 2012
- Confidential Transfers: a feature that allows amounts and balances to remain private while still being auditable by regulators
These characteristics make the XRP Ledger an ideal candidate for institutional cross-border payments, a segment where Ripple has historically positioned itself. Since its inception, XRPL has hosted over 1,750 applications and processed more than 2.8 billion transactions.
Ripple Custody at the Core of the Integration
To secure the issuance and custody of EURCV on XRPL, SG-FORGE relies on Ripple Custody, Ripple’s institutional custody solution. This relationship predates the current announcement: SG-FORGE had already adopted Metaco’s custody technology in 2022, before Ripple acquired Metaco in 2023 and rebranded it as Ripple Custody.
Cassie Craddock, Ripple’s Managing Director for the UK and Europe, praised the pioneering role played by Société Générale-FORGE among European institutions:
« Ripple is proud to have supported this evolution as a trusted digital asset infrastructure, delivering technology that meets the highest standards of security and operability. »
Cassie Craddock, MD Ripple UK & Europe
Integration into the Ripple Ecosystem: Collateral and Financial Products
Beyond simple availability on a new blockchain, this deployment opens up significant strategic opportunities. EURCV is set to be integrated into Ripple’s financial products, notably as transaction collateral for institutional trading.
Planned use cases include using EURCV as margin or collateral on institutional and OTC trading desks, integration with GTreasury (the corporate treasury management platform acquired by Ripple), and deployment within Ripple Payments and Liquidity Hub for international transactions. This collateral function represents a powerful lever to transform EURCV into a high-velocity liquidity tool, directly targeting institutional flows currently dominated by more established stablecoins.
A Firmly Established Multi-Chain Strategy
The XRP Ledger deployment fits into a clearly defined multi-chain strategy from SG-FORGE. Here is the EURCV deployment timeline:
| Blockchain | Launch Date | Context |
|---|---|---|
| Ethereum | April 2023 | Initial launch, restricted to institutional investors |
| Solana | June 2025 | Expansion to leverage speed and low costs |
| Stellar | February 2025 | Access to an existing network of financial institutions |
| XRP Ledger | February 2026 | Cross-border payments and Ripple ecosystem integration |
SG-FORGE has also mentioned plans to deploy on Polygon and Starknet, though these expansions have yet to be formally confirmed.
MiCA Compliance: A Decisive Regulatory Advantage
One of EURCV’s key strengths lies in its full compliance with the European MiCA regulation (Markets in Crypto-Assets), which came into force on June 30, 2024. This compliance requires, among other things, transparent daily disclosure of asset reserves, strict risk management mechanisms, liquidity obligations, and rigorous KYC and AML procedures.
This regulatory advantage positions EURCV favorably against competitors such as Tether (USDT), which has been forced to withdraw from the European market due to non-compliance. EURCV stands among the leading MiCA-compliant stablecoins alongside Circle’s EURC, Anchored Coins’ AEUR, Eurite, Euro Stasis, and Schuman Financière’s EUROP.
SG-FORGE: A Subsidiary in Full Expansion
Founded in 2018, SG-FORGE has significantly expanded its scope of activity in recent months. In June 2025, the subsidiary launched the USD CoinVertible (USDCV), a dollar-pegged stablecoin issued on Ethereum and Solana with BNY Mellon as reserve custodian. In January 2026, it completed a pilot with Swift to settle tokenized bonds using both fiat and digital currencies, including EURCV.
Competition and Outlook
The euro stablecoin market is buzzing with activity. While EURCV currently holds second place, competition is intensifying: the Qivalis consortium, led by BNP Paribas, plans to launch its own euro stablecoin in 2026. Nevertheless, SG-FORGE holds several distinctive advantages: a pioneering track record among major European banks, native MiCA compliance, an aggressive multi-chain strategy covering four major blockchains, and strong institutional partnerships with Ripple, Swift, and BNY Mellon.
The deployment of EURCV on the XRP Ledger marks a significant acceleration in the convergence between traditional finance and blockchain technology. By combining the regulatory strength of a major European bank with the speed and efficiency of public blockchain networks, SG-FORGE is charting a course that many financial institutions may well follow in the months ahead.
Sources: Journal du Coin, Ledger Insights, ActuCrypto, Binance Square, CoinTribune, Cryptoast, CoinMarketCap, Yahoo Finance, SG-FORGE, Traders Union, MEXC
