Societe Generale’s EURCV looks to Solana for stablecoin success after PayPal’s PYUSD rise

Societe Generale’s EURCV looks to Solana for stablecoin success after PayPal’s PYUSD rise

Sep 20,2024

Societe Generale is expanding its EUR CoinVertible (EURCV) MiCA-compliant stablecoin to the Solana blockchain, according to a Sept. 20 statement .

This move comes more than a year after the bank’s crypto division, SG Forge, launched EURCV on the Ethereum blockchain.

However, the asset has struggled to gain traction, with only 28 holders, 154 total transactions, and a total supply of 33 million EUR, according to Etherscan data .

Why Solana?

SG Forge said expanding EURCV to Solana will enhance user experience on DeFi platforms, payment systems, and decentralized applications.

According to the firm, Solana’s network is known for handling tens of thousands of transactions per second, positioning it as one of the fastest in the blockchain space. This scalability allows Solana to support the global adoption of digital assets while keeping transaction costs low—an important factor for stablecoins used in daily payments and cross-border transactions.

The integration with Solana is expected to enable users to send, receive, and trade EURCV at minimal costs and near-instant transaction speeds. It added that these features are essential for promoting stablecoin adoption in retail and institutional markets.

Jean-Marc Stenger, CEO of Societe Generale-FORGE, said:

“This planed deployment marks a new milestone in SG-FORGE’s growth. The combination of Solana’s high speed network and SG-FORGE’s reliable, secure stablecoin will unlock new possibilities for both retail users and institutional players in DeFi.”

Nick Ducoff, Head of Institutional Growth at the Solana Foundation, highlighted the importance of stablecoins in DeFi. He noted that EURCV, as a MiCA-compliant stablecoin, would offer users on Solana a faster, more efficient, and stable option.

Meanwhile, market observers believe Societe Generale’s move mirrors PayPal’s expansion of its PYUSD stablecoin to Solana earlier in the year. Since PayPal’s expansion, PYUSD has seen significant retail and DeFi adoption, pushing its circulating supply to over $1 billion .

So, Societe Generale would hope to replicate that success with EURCV. The financial institution is France’s third-largest bank and was the first regulated European bank to make a euro-pegged stablecoin available on a crypto exchange.