Payment altcoin XRP defied a brief crypto market cooldown and rose more than 15% in 24 hours to close on Friday.
The profits on the asset came about after French bank Societe Generale (SocGen) announced a plan to stake its euro-pegged stablecoin, the EUR CoinVertible (EURCV), on the XRP Ledger (XRPL).
The multinational bank launched the EURCV on Luxembourg-based crypto exchange platform Bitstamp last year. The stablecoin was first deployed on Ethereum (ETH). The bank announced months later plans to launch it on Solana (SOL).
The euro-pegged crypto asset complies with the European Union’s Markets in Crypto-Assets Regulation (MiCA). MiCA provides rules for the supervision, consumer protection and environmental safeguards of crypto assets. The legislation includes measures aimed at reducing 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 implementations.
“Our decision to launch this stablecoin on this blockchain was driven by our desire to offer next-generation digital assets that promote transparency, security and scalability.”
XRP is trading at $0.892 at the time of writing and is up about 60% in the past week.
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