Societe Generale Shifts Euro Stablecoin Strategy from Ethereum to Solana Blockchain

Friday, 20 September 2024, 02:55

Societe Generale's EUR CoinVertible euro stablecoin is making a significant shift from Ethereum to the Solana blockchain. This move aims to enhance performance and engagement, given the inadequate adoption experienced on Ethereum. With only 28 holders and minimal transaction volume, Societe Generale seeks to explore the potential of Solana's high-speed capabilities for its euro stablecoin.
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Societe Generale Shifts Euro Stablecoin Strategy from Ethereum to Solana Blockchain

Societe Generale's Euro Stablecoin on Solana

The famous French financial services company, Societe Generale, recently announced that it will issue its euro stablecoin called EUR CoinVertible on the Solana blockchain. It seems like an attempt to make up for the less-than-satisfying performance so far on the Ethereum network, where it attracted very low volumes.

Poor Results on Ethereum

Introduced to the Ethereum blockchain last December, EURCV was created as a regulated euro-pegged alternative to dollar-pegged stablecoins, such as Tether and Circle, the latter of which currently dominate the scene. Unfortunately, it hasn't managed to pick up speed yet, with only 28 holders and just 154 transactions, and an issuance of 33 million in total so far, according to the data from Etherscan.

New Horizons on Solana

SG Forge will leverage the Solana launch to gauge the interest level of this market for a euro-typed stablecoin on a high-speed, low-cost platform. The company finds an exciting prospect in new doors that Solana's advantages unlock for retail and institutional participants in decentralized finance. CEO Jean-Marc Stenger says the capability at high speed will potentially dramatically improve the user experience.

The Increasing Relevance of Stablecoins

As stablecoins become more ingrained in the global finance landscape, more firms are eager to be in the same ranks as some successful issuers, including Circle and Tether. A new report from Bernstein spoke to the growing stablecoin trend, citing how stability and efficiency are becoming more critical in the market.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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