Société Générale-FORGE has launched its MiCA-compliant stablecoin, EUR CoinVertible, on the XRP Ledger, with Ripple support. That single sentence may sound technical, but the meaning is simple. A major European bank has placed regulated digital money onto a public blockchain. This is not a test. It is not a promise. It is live.
The MiCA-compliant stablecoin in question, known as EUR CoinVertible or EURCV, is backed by euros and issued by the digital asset arm of Société Générale. It already existed on Ethereum and later expanded to Solana. Now it runs on the XRP Ledger, with Ripple providing custody infrastructure. The EUR CoinVertible on the XRP Ledger, for US readers, offers a live case study of how bank stablecoins may operate under a clear regulatory regime, telling us that bank stablecoins are no longer a theory. They are moving into real financial plumbing.
The French bank that plays the long game
Let’s rewind the tape. This didn’t happen overnight. SG-FORGE has been playing chess while the rest of the crypto world played meme-coin roulette.
Back in April 2023, SG-FORGE issued an EURCV on Ethereum for institutional use, and transfers were restricted to whitelisted addresses. As MiCA’s stablecoin rules began applying on June 30, 2024, SG-FORGE updated EURCV, effective July 1, 2024, to meet ‘open stablecoin’ capabilities, including free transferability without whitelisting restrictions.
In January 2026, SG-FORGE and Swift reported a tokenized bond settlement trial using EURCV. Now SG-FORGE says EURCV is live on the XRP Ledger, supported by Ripple’s custody infrastructure.
What Is EUR CoinVertible?
EUR CoinVertible is essentially a digital version of the euro, issued by Société Générale-FORGE. Each token is meant to hold the same value as €1, so it does not swing up and down like most cryptocurrencies. The bank has also published detailed documents explaining how the reserves are managed, how users can redeem them, and what risks are involved, so nothing is left vague. In plain language, it is digital cash that aims to behave like the euro, but it moves on blockchain rails.
Earlier versions of EURCV had tighter controls and were aimed at institutions. Over time, the structure evolved to align more clearly with MiCA rules and allow freer transferability. That shift is important. It shows that the bank was not only experimenting, but it was also adapting to a regulatory framework that is now in force across Europe.
By placing this MiCA-compliant stablecoin on the XRP Ledger, the bank is expanding access and technical flexibility. XRP Ledger institutional adoption becomes more meaningful when the asset involved is regulated bank money rather than a startup token.
Why XRP Ledger?
Why choose the XRP Ledger for a MiCA-compliant stablecoin? The answer is infrastructure and relationships. Ripple provides custody solutions that help institutions manage digital assets securely. Ripple’s custody stack traces back to its acquisition of Metaco, a firm focused on institutional digital asset custody.
For Société Générale-FORGE, using Ripple support is not about marketing. It is about risk management and compliance. When large financial institutions move money on blockchain networks, they care about control, oversight, and security. XRP Ledger institutional adoption becomes practical when those pieces are in place.
This moment also reflects Ripple’s longer journey. The company once fought a high-profile legal battle with US regulators. Today, it supports the launch of a bank-backed MiCA-compliant stablecoin. That shift from courtroom drama to regulated finance infrastructure is striking.
Stablecoin wars are no longer just crypto
The bigger picture is geopolitical. For years, US dollar stablecoins such as USDT and USDC have dominated global crypto markets. Europe has watched that dominance closely. By building a MiCA-compliant stablecoin under a European banking group, the region is creating its own alternative.
This does not mean the euro will suddenly replace the dollar in crypto markets. But it does mean the balance of power is shifting. Bank stablecoins issued under clear regulation offer governments and institutions more comfort than offshore tokens.
For US readers, this development matters because it hints at what could come next. American banks have been cautious. Europe has moved ahead with MiCA. If bank stablecoins prove useful for settlement, collateral, and tokenized securities, pressure will build for US institutions to respond.
Real use cases, not just headlines
EUR CoinVertible has already appeared in interoperability trials with Swift involving tokenized bonds. That detail is often overlooked. It shows that the MiCA-compliant stablecoin is not just sitting on a blockchain. It is being tested as a settlement asset in structured financial flows.
Société Générale-FORGE has also signaled possible future roles for EURCV as trading collateral. If that materializes, XRP Ledger institutional adoption could expand beyond simple transfers into deeper capital markets activity. This is how financial change usually happens. Not with fireworks, but with pilot programs, white papers, and regulatory filings.
What it means for the United States
In the United States, stablecoin regulation remains under debate. Lawmakers are discussing frameworks, but there is no nationwide equivalent to MiCA in force. Watching a MiCA-compliant stablecoin go live under a major European bank provides a live case study.
It answers practical questions. Can a bank issue digital money on a public chain and remain compliant? Can that token be integrated with legacy systems? Can custody be handled in a way that regulators accept? Europe is testing those answers in real time.
