The payments altcoin XRP defied a brief crypto market cooldown and surged by more than 15% in 24 hours to close out Friday.
The asset’s gains materialized after the French bank Societe Generale (SocGen) announced a plan to deploy its euro-pegged stablecoin, the EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
The multinational bank launched the EURCV on the Luxembourg-based crypto exchange platform Bitstamp last year. The stablecoin first deployed on Ethereum (ETH). Months later, the bank announced plans to launch it on Solana (SOL).
The euro-pegged crypto asset is compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA). MiCA provides rules covering the supervision, consumer protection and environmental safeguards of crypto assets. The legislation includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing.
Guillaume Chatain, chief revenue officer at Societe Generale-FORGE, the bank’s digital assets unit, says the 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 time of writing and is up about 60% in the past week.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
