Altcoin payments XRP defied a brief cooling in the crypto market and surged more than 15% in 24 hours to close on Friday.
The asset’s gains materialized after French bank Société Générale (SocGen) announced plans to deploy its euro-pegged stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
The multinational bank launched EURCV on Luxembourg-based crypto exchange Bitstamp last year. The stablecoin first deployed on Ethereum (ETH). A few months later, the bank announced its intention to launch it on Solana (SOL).
The Euro-pegged crypto asset complies with the European Union Markets in Crypto-Assets (MiCA) Regulation. MiCA provides rules covering oversight, consumer protection, and environmental protection of crypto assets. The legislation includes measures to reduce financial crime, including market manipulation, money laundering and terrorist financing.
Guillaume Chatain, chief revenue officer at Société Générale-FORGE, the bank’s digital assets unit, says 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 the time of writing and is up around 60% in the past week.
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