French Bank Launches Euro Stablecoin on Solana

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French Bank Launches Euro Stablecoin on Solana
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Societe Generale, one of the largest banks in Europe, has just announced the launch of its euro stablecoin, called EUR CoinVertible (EURCV), on the Solana blockchain.

Through its crypto unit SG Forge, the French bank aims to expand the use of EURCV beyond Ethereum, where the coin was initially launched. The bank has chosen Solana, known for its fast and low-cost transactions, as the new platform for the stablecoin. This is because the network promises a more efficient and accessible solution for decentralized finance (DeFi) users.

With this move, Solana becomes the second network to integrate EURCV, consolidating itself as a viable option for stablecoins, especially in the growing scenario of decentralized finance.

Solana has stood out for its technical features, such as scalability and extremely low fees. This attracts both institutional investors and retail users looking for greater efficiency in crypto transactions.

Stablecoin in Euro

EUR CoinVertible aims to be a stablecoin in compliance with European crypto asset regulation, following the guidelines of MiCA (Markets in Crypto Assets).

This factor provides users with greater security and reliability. In addition, the launch on Solana also brings additional benefits. These include, for example, ultra-fast transactions and minimal operational costs, crucial factors for those who want to move large volumes of euros in crypto.

The adoption of the stablecoin by institutional investors is one of the biggest advantages of this integration, with the promise of expanding use cases within the DeFi ecosystem. According to Nick Ducoff, head of institutional growth at the Solana Foundation, the EURCV integration will bring a robust new option for users seeking speed, efficiency, and stability in their transactions.

The stablecoin market on Solana has seen significant growth, driven by its scalability and efficiency. Currently, the total capitalization of stablecoins on the network is around $3.79 billion, despite a slight drop of 2.26% over the past seven days.

Popular stablecoins like Tether (USDT) and Ondo USDY have benefited from Solana’s infrastructure, leveraging its cost and speed advantages.

French Bank Launches Euro Stablecoin on Solana

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French Bank Launches Euro Stablecoin on Solana

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French Bank Launches Euro Stablecoin on Solana

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