XRP Ledger To Host Societe Generale-Forge’s EURCV Stablecoin

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As a seasoned researcher with a knack for blockchain technology and a penchant for stablecoins, this partnership between Ripple Labs and Societe Generale-Forge piques my interest. The potential integration of EURCV on the XRP Ledger in 2025 presents an exciting opportunity to witness the evolution of the stablecoin market.

Ripple Labs’ developers have signed a deal with Societe Generale-Forge (SG-Forge) for the integration of EURCV stablecoin onto the XRP Ledger by 2025. As stated in SG-Forge’s announcement, this move supports their strategy to operate across multiple blockchain networks. The EURCV stablecoin has already been introduced on both Ethereum and Solana platforms.

XRP Ledger – Scalable Protocol For EURCV 

Obtaining a license to release a reliable digital currency, or stablecoin, under the Markets in Crypto Assets (MiCA) framework can be quite challenging. However, with SG-Forge licensed to manage EURCV, its main objective continues to be enhancing user convenience by facilitating easy access to this token.

In their announcement, the company highlighted why the XRP Ledger is a compelling protocol to adopt. They stated that over 1,750 distinct applications and trading platforms have been launched on XRPL within the last decade. Furthermore, the platform currently supports approximately 5 million active wallets and has facilitated more than 2.8 billion transactions since its launch.

The XRP Ledger’s advantage lies in its scalability and ability to process numerous transactions quickly. Notably, it has been demonstrated that the XRPL can handle up to 1,500 transactions per second, a technical feature that could enhance its large-scale EURCV issuance capabilities significantly.

Furthermore, SG-Forge adopted the XRP Ledger due to its emphasis on swift payments, a fact supported by previous findings from Coingape that highlighted the shifting transaction patterns on the ledger. Earlier in the year, OfferCreate types of transactions were predominant within the protocol. However, currently, payment transactions account for approximately half of all transactions.

The rising trend should help EURCV’s position as it aims to rival Circle’s EURC within the European Union. Apart from its issuance on the XRP Ledger, EURCV will additionally utilize custody solutions supported by Ripple and provided by Metaco.

Ripple Stablecoin RLUSD And The Ledger Boost

According to information provided by DeFiLlama, the total value of the stablecoin market currently exceeds $180 billion. As the primary organization responsible for the XRP Ledger, Ripple Labs is aiming to enter this significant market by introducing its own stablecoin, known as RLUSD.

The company intends to debut the stablecoin across both the XRP Ledger (XRPL) and Ethereum network. At this point, the Ripple-backed USD stablecoin, known as RLUSD, is undergoing advanced testing phases on these two blockchains. As of now, the exact release date for the token has yet to be announced, but Ripple officials have disclosed that the delay is due to their pursuit of regulatory clearance.

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2024-11-14 22:58