Forge, a subsidiary of Societe Generale regulated as a DASP, has added Stellar to the networks supported by its stablecoin, EUR CoinVertible (EURCV).
The token was initially issued on Ethereum.
This MiCA-compliant stablecoin is designed for TradFi.
Stellar’s capabilities, including its built-in DEX and support for asset tokenization, will enable the integration of EURCV into various financial applications and services.
Stablecoin holders will gain “direct access to collateral.” The collateralized euros will be held in a trust fund managed by a third party.
Earlier, Forge was included in the list of MiCA-approved issuers alongside nine other organizations. Notably, Tether, the issuer of the USDT stablecoin with a market capitalization of $141.7 billion, is absent from this list.
In November, the company ceased support for the euro-pegged stablecoin EURT.
In the EU, the firm decided to focus on developing third-party projects such as MiCA license holders Quantoz Payments and StablR, as well as promoting its RWA platform Hadron.
The issuer of USDC, the main competitor to USDT, Circle received approval to issue stablecoins in the EEA back in July.
Previously, Kaiko estimated that by November 2024, MiCA-compliant stablecoins would capture a record market share of 91%.