The payments altcoin XRP defied a brief crypto market cooldown and surged by more than 15% in 24 hours to close out Friday.
The asset’s gains materialized after the French bank Societe Generale (SocGen) announced plan to deploy its euro-pegged stablecoin, the EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
The multinational bank launched the EURCV on the Luxembourg-based crypto exchange platform Bitstamp last year. The stablecoin first deployed on Ethereum (ETH). Months later, the bank announced plans to launch it on Solana (SOL).
The euro-pegged crypto asset is compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA). MiCA provides rules covering the supervision, consumer protection and environmental safeguards of crypto assets. The legislation includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing.
Guillaume Chatain, chief revenue officer at Societe Generale-FORGE, the bank’s digital assets unit, says the XRP Ledger is the “ideal platform” to add to their existing deployments.
“Our decision to launch this stablecoin on this blockchain was driven by our desire to offer next-generation, compliant digital assets that promote transparency, security, and scalability.”
XRP is trading at $0.892 at time of writing and is up about 60% in the past week.
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Generated Image: Midjourney