Foreign media reports that European banks' adoption of blockchain technology is no longer in the experimental stage; the focus is shifting to which networks can handle compliant financial activities. SG-FORGE, the digital asset subsidiary of Société Générale, has expanded its euro stablecoin EURCV to multiple public blockchains, including XRP Ledger, Ethereum, Stellar, and Solana.
EURCV shifts to multi-chain issuance
The article argues that the significance of this move lies not only in adding new issuance channels, but also in the fact that banks are beginning to place regulated digital funds on public blockchains. The choice of stablecoin issuance networks is also shifting from single-chain deployments to multi-chain layouts.
SG-FORGE doesn't bet on a single network, but rather covers multiple public chains simultaneously, focusing on flexibility, system resilience, and cross-chain interoperability. The article considers EURCV as one of the representative projects among compliant Euro stablecoins in Europe.
- It already covers XRPL, Ethereum, Stellar, and Solana.
- The issuer is SG-FORGE, a subsidiary of Société Générale.
- The core direction is the multi-chain deployment of compliant stablecoins.
MiCA promotes banks to go on-chain.
The article argues that the European Crypto Asset Market Regulation Act (MiCA) is a significant backdrop to this trend. This regulation provides clearer and more unified rules for stablecoin issuance, reserve management, and compliance requirements, increasing the certainty for banks in promoting related products.
In this environment, banks are more likely to integrate blockchain products into their existing financial systems, rather than remaining at the proof-of-concept stage. The article predicts that the speed at which banks adopt blockchain, the networks they choose, and the degree of integration with traditional systems will be key areas to watch over the next 18 months.
XRPL enters the list of institutional candidates
The article specifically mentions XRP Ledger. Its inclusion in EURCV's list of issuing networks is seen as a sign of XRPL gaining greater acceptance in institutional payment and settlement scenarios. The reasons given in the article include faster settlement speeds, lower on-chain costs, and better suitability for liquidity management.
However, the article also emphasizes that large financial institutions are not betting on a single public chain, but rather deploying across a few networks that can simultaneously meet operational needs and compliance requirements. Based on this assessment, XRPL's selection is more likely part of a multi-chain financial infrastructure.
