SocGen's Euro Stablecoin Lands on XRP Ledger

French banking giant Societe Generale just expanded its euro stablecoin EUR CoinVertible to the XRP Ledger, joining Ethereum and Solana in its multi-chain strategy. But this isn't just another blockchain integration—it's a signal that traditional finance is getting serious about crypto infrastructure.

The Numbers Game

EUR CoinVertible currently has €65.8 million in circulation, making it one of the larger euro stablecoins behind Circle's EURC. Issued under French digital asset regulations, it's backed 1:1 by cash deposits or high-quality securities—the kind of regulatory compliance that institutional players demand.

SG-FORGE, Societe Generale's digital assets arm, cited XRP Ledger's "low transaction costs and fast settlement" as key factors. They're also tapping Ripple's custody infrastructure to support the rollout, potentially exploring the stablecoin as collateral for trading or integration into Ripple's payment products.

Why XRP, Why Now?

The timing isn't coincidental. XRP Ledger validators are currently voting on new features like Permissioned DEX—a controlled trading environment where only approved participants can interact. For regulated institutions, this isn't just nice to have; it's mandatory.

Traditional banks like SocGen aren't embracing crypto for the thrill. They're chasing cost reduction and 24/7 settlement. When you can move euros instantly at a fraction of SWIFT's cost, the business case writes itself.

Winners and Losers

The winners are clear: XRP Ledger gains institutional credibility, SocGen positions itself ahead in digital assets, and Ripple successfully courts another major bank. The ecosystem gets validation that compliant blockchain infrastructure can work at scale.

The losers? Traditional correspondent banking networks and centralized payment processors. When banks go direct to blockchain, those juicy intermediary fees start looking vulnerable.

The Bigger Picture

This move reflects a broader shift in European finance. While US banks remain cautious due to regulatory uncertainty, European institutions are leveraging clearer frameworks like MiCA (Markets in Crypto-Assets) to experiment with blockchain infrastructure.

SocGen's multi-chain approach also reveals strategic thinking. Rather than betting on one blockchain, they're hedging across Ethereum (established DeFi), Solana (fast and cheap), and now XRP (institutional-focused). It's portfolio diversification applied to blockchain infrastructure.

What happens when every major bank has its own stablecoin on multiple blockchains? Are we witnessing the birth of a parallel financial system, or the evolution of the existing one?