Societe Generale the French powerhouse shifts allegiance from Ethereum ETH to this alternative cryptocurrency

French finance giant Societe Generale’s cryptocurrency arm, SG Forge, has made a significant move by migrating its euro-based stablecoin EURCV to the Solana (SOL) network. This strategic decision was taken to breathe new life into the project, which failed to gain traction on Ethereum (ETH). SG Forge aims to strengthen EURCV’s position in the decentralized finance (DeFi) ecosystem by leveraging Solana’s fast and cost-effective structure. Launched last year on the Ethereum blockchain, EURCV was designed as a euro-centric alternative to digital currencies like USDT and USDC. However, it did not achieve the expected success, with only 28 users, 154 transactions, and a circulation volume of 33 million euros. SG Forge’s CEO, Jean-Marc Stenger, emphasized Solana’s speed and cost-effectiveness as the reasons for choosing the network, stating that it reflects the increasing demand for faster blockchain solutions. Notably, Citibank, the fourth-largest bank in the US, is also exploring Solana.