SocGen's Crypto Unit Takes Euro Stablecoin to Solana After Flopping on Ethereum

The French financial services firm is betting on Solana's faster and cheaper attributes.

French financial services giant Societe Generale's crypto unit is bringing the euro stablecoin EUR CoinVertible (EURCV) to the Solana blockchain, after the token failed to gain traction on Ethereum.

SG Forge, a subsidiary of SocGen, launched EURCV on the Ethereum blockchain in 2022. The stablecoin was touted as a highly regulated, euro-centric alternative to major dollar-linked stablecoins from Tether and Circle.

However, despite the fanfare surrounding its launch, EURCV has failed to gain widespread adoption among crypto users. According to its Etherscan page, the stablecoin has only 28 holders, 154 lifetime transactions and an issuance of 33 million.

Now, SG Forge is hoping to breathe new life into EURCV by rolling it out on the Solana blockchain, which is known for its faster and cheaper attributes.

“Solana's speed will unlock new possibilities for both retail users and institutional players in decentralized finance (DeFi),” Jean-Marc Stenger, CEO of SG Forge, said in a press statement.

The move comes as stablecoins are becoming increasingly important to the global financial economy, according to a recent report by Bernstein. Various firms are keen on replicating the success of Circle and Tether, the largest stablecoin issuers who collect massive windfalls from ownership of the Treasury notes underlying their respective assets.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which also owns Block.one, the EOSIO software publisher, and BitGo, a cryptocurrency custodian.

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