Ripple 
$1‘s payment infrastructure token, XRP, gained over 15% on Friday despite a short-term stagnation in the cryptocurrency market. This surge followed the announcement by French bank Societe Generale regarding its plans to utilize the Euro-based stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
Societe Generale’s EURCV Project
International bank Societe Generale launched EURCV on the Luxembourg-based cryptocurrency exchange platform Bitstamp last year. Initially, the stablecoin was made available on the Ethereum (ETH) 
$3,074 network. Months later, the bank announced plans to migrate EURCV to the Solana 
$236 (SOL) network.
The Euro-backed cryptocurrency EURCV complies with the European Union’s Markets in Crypto-Assets (MiCA) regulation, which introduces rules concerning the oversight of crypto assets, consumer protection, and environmental security measures. This legislation aims to reduce financial crimes such as market manipulation, money laundering, and terrorism financing.
XRP’s Market Performance
Guillaume Chatain, head of revenue for digital assets at Societe Generale-FORGE, stated that the XRP Ledger is an “ideal platform” in addition to existing alternative networks.
“Our decision to launch this stablecoin on the XRP network stems from our desire to offer next-generation, compliant digital assets that promote transparency, security, and scalability.”
As of the time of writing, XRP is trading at approximately $1.05, marking an increase of around 70% over the past week. Recent developments have contributed to XRP’s strong performance in the market. Societe Generale’s EURCV initiative on the XRPL has broadened the use cases of XRP, attracting more interest from users.
These developments have strengthened XRP’s position in the cryptocurrency market and enhanced potential growth opportunities. The compliant structure of EURCV, along with regulatory support, may facilitate broader adoption of XRP.
