French financial giant Societe Generale’s cryptocurrency arm, SG Forge, has made a significant move by migrating its euro-based stablecoin EURCV to the Solana (SOL) network. This strategic decision was made to revive the project, which did not gain the expected traction on Ethereum (ETH). SG Forge aims to strengthen EURCV’s position in the decentralized finance (DeFi) ecosystem by taking advantage of Solana’s fast and low-cost structure.
EURCV was launched last year as a euro-centric alternative on the Ethereum blockchain, with the goal of filling the gap in euro-centric digital currencies like USDT and Circle’s USDC. However, it did not achieve the desired success, with only 28 users, 154 transactions, and a circulation volume of 33 million euros recorded on Ethereum.
SG Forge’s CEO, Jean-Marc Stenger, highlighted Solana’s speed and cost-effectiveness as the main reasons for integrating EURCV into the network. He believes that Solana’s rapid momentum in the broader cryptocurrency market will open up new possibilities for both individual and institutional users in the field of DeFi.
It is worth noting that Citibank, the fourth largest bank in the United States, is also exploring the potential of Solana. This indicates the increasing demand for faster and more cost-effective blockchain solutions in the industry.
Please note that this article does not provide investment advice.
