30s Summary

SG-FORGE will deploy its EURCV stablecoin on the XRP Ledger, having initially launched it on Ethereum and planning to branch out to Solana. The EURCV stablecoin was introduced as a regulated product to compete against leading dollar stablecoin companies, Circle and Tether but achieved limited uptake. SG-FORGE hopes to leverage the superior transaction speed and lower costs of the XRP Ledger to boost its performance. The stablecoin will use Ripple Custody services for issuance.

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SG-FORGE is expanding and will launch its EURCV stablecoin on the XRP Ledger, after kicking it off on Ethereum in 2023 and announcing in September that it plans to branch out to Solana. It’s expected to start this ‘multi-chain approach’ next year, once all technical integrations are done. Initially, EURCV was introduced on Ethereum as a highly regulated product to challenge leading dollar stablecoin companies, Circle and Tether, but it only gained limited traction. We’re talking about 38 million compared to Circle’s 92 million EURC. And we can’t forget the dollar-linked coins that overshadow both: Tether’s $126 billion USDT and Circle’s $37 billion USDC. SG-FORGE eyed Solana to deploy the token earlier this year, banking on its speedy, low-cost transactions to gain better traction. SG-FORGE aims to use the cross-border payment and tokenization features of the XPR Ledger, combined with its speedy settlements and low-cost transactions to their advantage. EURCV will use Ripple Custody services for its issuance.