While corporate companies are gaining more ground in the cryptocurrency world, an important step came from SG Forge, the cryptocurrency arm of French finance giant Societe Generale.
SG Forge has announced that it has migrated its euro-based stablecoin EURCV to the Solana (SOL) network.
This move was introduced as a strategic step to revive the project, which failed to gain the expected traction on Ethereum (ETH).
The company stated that it aims to strengthen EURCV’s position in the decentralized finance (DeFi) ecosystem by leveraging Solana’s fast and low-cost structure.
SG Forge launched EURCV last year as a euro-centric alternative on the Ethereum blockchain. It was stated that EURCV aims to fill the gap in euro-centric digital currencies such as USDT and Circle’s USDC.
However, EURCV did not achieve the expected success and its initial launch on Ethereum saw limited interest. According to Etherscan data, EURCV has only reached 28 users, 154 transactions and a circulation volume of 33 million euros.
“Solana’s speed will open up new possibilities in the field of decentralized finance (DeFi) for both individual and institutional users,” said Jean-Marc Stenger, CEO of SG Forge, who noted that Solana was chosen because of its faster and cheaper features. “The decision to integrate EURCV into Solana reflects the increasing demand for faster and more cost-effective blockchain solutions, especially as Solana rapidly gains momentum in the broader cryptocurrency market.”
Citibank, the fourth largest bank in the United States, also said they were investigating Solana.
*This is not investment advice.