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.
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.
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.
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 "any company can benefit from Treasury notes backing their stable assets.".
As SGD is set to debut its first-ever offering of EURCV on the Solana blockchain, there will likely be close observation to determine whether such a move revives interest and engagement in euro-denominated stablecoins.