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

SINGAPORE – SG Forge, a subsidiary of Societe Generale, will roll out euro stablecoin EUR CoinVertible (EURCV) on the Solana blockchain, the French financial services firm said Friday.

SG Forge launched EURCV on the Ethereum blockchain last year as a highly regulated, euro-centric alternative to top dollar-linked stablecoins from Tether and Circle.

It has struggled to catch on: EURCV has only 28 holders, 154 lifetime transactions and an issuance of 33 million, according to its Etherscan page.

The Solana debut will test whether crypto users have any appetite for Euro-linked stablecoins on a faster and cheaper network, two attributes SG Forge touted in a press release. CEO Jean-Marc Stenger said in the presser that Solana’s speed “will unlock new possibilities for both retail users and institutional players in” decentralized finance (DeFi).

Stablecoins are becoming systemically important to the global financial economy, Bernstein wrote in a recent report. Myriad firms are eager to replicate the success of Circle and Tether, the largest stablecoin issuers who collect major windfalls from ownership of the Treasury notes underlying their respective assets.