Societe Generale’s digital asset arm SG-FORGE has launched its euro-based stablecoin EUR CoinVertible on the XRP Ledger. This is the third blockchain launch following Ethereum and Solana. The move, supported by Ripple’s custody infrastructure, enables the stablecoin’s integration into Ripple products and its use as trading collateral. SG-FORGE stated that it has expanded institutional access with another public network.
Details of EUR CoinVertible Launch on XRP Ledger
The launch occurred one month after SWIFT’s tokenized bond pilot with SocGen stablecoin. EUR CoinVertible, as the first MiCA-compliant digital asset, was directly integrated into SWIFT frameworks. The stablecoin is backed 1:1 by bank cash deposits or high-quality securities; circulating supply is approximately 70.51 million tokens.
Stablecoin market cap. Source: Defillama
While digital money policies are being discussed in Europe, German Central Bank President Joachim Nagel advocated for Europe’s payment independence by promoting retail euro CBDC and euro stablecoins; he warned against the dominance of dollar stablecoins. MiCA rules came into effect in June 2024, affecting non-compliant tokens; Circle received USDC approval, Tether terminated EURT.
XRP Price Analysis: Critical Support and Resistance Levels
XRP is currently at $1.46, 24h change -0.85%. RSI at 40.80 indicates dominant downtrend; Supertrend bearish, EMA 20 $1.5253.
- Supports:
- S1: $1.4267 (Score: 82/100 ⭐ STRONG, -1.97% distance)
- S2: $1.3424 (Score: 68/100 ⭐ STRONG, -7.76% distance)
- Resistances:
- R1: $1.6718 (Score: 75/100 ⭐ STRONG, +14.87% distance)
- R2: $1.4685 (Score: 69/100 ⭐ STRONG, +0.90% distance)
Stablecoin developments may support XRP. For more, check XRP detailed analysis and XRP futures trading.
XRP and Stablecoin Integration Frequently Asked Questions
How is XRP Ledger integrating with EUR CoinVertible? Ripple’s custody infrastructure provides trading collateral.
When will XRP price recover? RSI 40.80 shows downtrend; S1 $1.4267 is critical support.
How does MiCA affect euro stablecoins? Compliant tokens like EUR CoinVertible have an advantage.
Source: https://en.coinotag.com/sg-forge-eur-coinvertible-launches-on-xrp-ledger
