Societe Generale issued its euro stablecoin EURCV on XRP Ledger, the first time a major European bank has deployed a MiCA-compliant token on a public blockchain for regulated settlement.
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Major European bank picks XRP Ledger for euro stablecoin in 2026
Societe Generale issued its euro-denominated stablecoin EURCV on XRP Ledger, making the French bank the first major European lender to bring a Markets in Crypto-Assets Regulation-compliant token to a public blockchain for institutional settlement.
The XRP Ledger now hosts more than $2 billion in tokenized assets as of January 2026, according to network data, with the stablecoin market on the ledger surpassing $1.4 billion in RLUSD supply alone. The network obtained a limited trust bank charter from the Office of the Comptroller of the Currency in December 2025.
The euro stablecoin segment climbed to roughly $900 million in mid-2026, DefiLlama data shows, recovering from a 73% decline after MiCA was approved in April 2023. EURCV joins EURC from Circle, which controls about 50% of the euro segment, and EURI from Banking Circle. The European Securities and Markets Authority has authorized 19 e-money token issuers across 11 member states.
The choice of XRP Ledger by a systemically important European bank shows that public blockchain infrastructure can meet the finality, cost, and regulatory requirements of traditional finance. It puts XRPL in direct competition with Ethereum-based tokenization platforms and the BIS-led Agorá project for cross-border institutional flows.
$2 Billion in Tokenized Assets on XRPL
The deployment follows a year of regulatory and infrastructure milestones for XRP Ledger. JPMorgan's Kinexys, Mastercard, and Ondo Finance completed the first tokenized US Treasury cross-border redemption on XRP in May 2026, settling in less than five seconds, according to the participating firms. The network's low transaction fees make it cost-effective for high-volume institutional settlement, though the model means trading volume does not generate revenue for node operators.
Societe Generale's EURCV was originally launched on Ethereum in 2023 but saw limited adoption. The move to XRP Ledger gives the stablecoin access to a network that has been courting bank-grade use cases, including participation in the BIS Agorá project alongside JPMorgan, HSBC, Deutsche Bank, and UBS.
Euro Stablecoins Still a Fraction of the Market
The euro stablecoin market remains small relative to dollar-pegged tokens. Tether's USDT and Circle's USDC together exceed $300 billion in supply, while euro variants control less than 0.4% of the total, DefiLlama data shows. Negative interest rates in the eurozone before 2022 discouraged issuance, leaving the segment underdeveloped.
MiCA changed that calculus. The regulation requires euro stablecoin issuers to hold segregated reserves, publish audits, and guarantee redemption rights. Non-compliant tokens face delisting from EU venues, which concentrated liquidity in authorized issuers. Tether discontinued its EURT token ahead of the December 2024 deadline.
Nine European lenders, including BBVA, ING, and UniCredit, formed a consortium to issue a MiCA-compliant euro stablecoin with a planned launch in late 2026.
This article is for informational purposes only and does not constitute investment advice.
[1] XRP Ledger Emerges as Bank-Grade Powerhouse as Major European Bank Brings Euro Stablecoin On-Chain[2] Revolut Wants To Issue Its Own Stablecoin. So Will Every Other Neobank.[3] BeInCrypto Institutional 100: Top 16 Firms Leading Tokenization and On-Chain Finance[4] Euro Stablecoins Hit Record Highs Under MiCA Despite Flat Retail Demand - Bitget[5] The world's eight major central banks are getting involved. Are they looking to slice the stablecoin pie? - Binance
