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Highlights
- SG-Forge and Ripple Developers have launched EURCV on XRP Ledger
- The MiCA compliant will benefit from the low cost and scalability of the XRPL
- Ripple Labs is also pushing to launch a stablecoin on XRPL
Ripple Labs Developers have inked a partnership with Societe Generale-Forge (SG-Forge) to integrate the EURCV stablecoin on the XRP Ledger (XRPL) in 2025. According to the SG-Forge announcement, the deployment of the EURCV stablecoin on XRPL aligns with its plan to go multi-chain. Previously, the protocol has launched the stablecoin on both the Ethereum and Solana protocols respectively.
XRP Ledger – Scalable Protocol For EURCV
Getting the license to issue a stablecoin under the Markets In Crypto Assets (MiCA) framework comes with a hassle. With SG-Forge licensed to administer EURCV, its goal remains to maximize users’ accessibility to the token.
In its announcement, the firm outlined the features that make the XRP Ledger an attractive protocol to embrace. It said more than 1,750 unique applications and trading platforms have launched on XRPL over the past decade. The protocol hosts 5 million active wallets and has processed over 2.8 billion transactions since its inception.
As part of the benefit that the XRP Ledger will offer is its scalability and high throughput. SG-Forge highlighted that XRPL can handle up to 1,500 transactions per second, a technical capability that can boost its large scale EURCV issuance.
Additionally, SG-Forge embraced the XRP Ledger because it is optimized for payments. This aligns with an earlier report from Coingape that outlined the changing transaction types on the ledger. While OfferCreate types of transactions dominated the protocol earlier this year, payment transactions now take 50% of the total.
This trend will benefit the EURCV stablecoin in its bid to compete with Circle’s EURC in the EU. Beyond the XRPL issuance, EURCV will also leverage Ripple-backed custody solutions from Metaco.
Ripple Stablecoin RLUSD And The Ledger Boost
Based on data from DeFiLlama, the stablecoin market is worth more than $180 billion. As the core entity behind the XRP Ledger, Ripple Labs looks to tap into this market through its RLUSD stablecoin.
The firm plans to launch the stablecoin on both the XRPL and the Ethereum network. At the moment, the RLUSD stablecoin is in its advanced beta testing phase on the two blockchains. The timeline for the launch of the token remain unknown, however, Ripple executives have confirmed that the delay hinges on its wait on regulatory approval.
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