SG Forge, the cryptocurrency arm of French finance giant Societe Generale, has announced the migration of its euro-based stablecoin EURCV from the Ethereum network to Solana.
What Happened?
SG Forge announced that it has migrated its euro-centric stablecoin EURCV to the Solana network. This move was introduced as a strategic step to revive the project, which failed to gain the expected traction on Ethereum. The company launched EURCV last year as an alternative on the Ethereum blockchain aimed at filling the gap in euro-centric digital currencies such as USDT and USDC. However, according to Etherscan data, EURCV has only reached 28 users, 154 transactions, and a circulation volume of 33 million euros.
Why Solana?
The goal of this step is to strengthen EURCV’s position in the decentralized finance (DeFi) ecosystem by leveraging Solana’s fast and low-cost structure. Solana was chosen due to its faster and cheaper features that Ethereum could not offer. Jean-Marc Stenger, CEO of SG Forge, noted that Solana’s speed would open up new possibilities in the field of DeFi for both individual and institutional users.
What Do Experts Say?
Jean-Marc Stenger said that the decision to integrate EURCV into Solana reflects the increasing demand for faster and more cost-effective blockchain solutions. “Solana’s speed will open up new possibilities in the field of decentralized finance (DeFi) for both individual and institutional users,” Stenger noted.
The migration of the EURCV stablecoin from Ethereum to Solana highlights the growing importance of fast and cheap blockchain technology in the world of cryptocurrencies and decentralized finance. SG Forge hopes to strengthen its position in the DeFi ecosystem with this strategic initiative.
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