The IMF identifies Stellar and the XRP Ledger as networks supporting Société Générale’s EUR CoinVertible stablecoin deployment. The report documents banks’ growing exploration of permissionless blockchain networks while retaining controls such as whitelisting and other governance mechanisms.

The deployment confirms that the networks are being used as institutional infrastructure, but it does not establish direct demand for XRP or XLM in institutional settlement. The development has nevertheless drawn attention to XRP Ledger adoption as regulated institutions examine public blockchain infrastructure for stablecoins and asset settlement. The source also carries weight: the IMF is the international institution tasked with promoting global monetary cooperation and financial stability, and its reports are aimed at central banks, finance ministries, and regulators.

IMF Report Documents a Shift in Financial Infrastructure

An ALLINCRYPTO post on X points to the IMF’s July tokenization report, which examines changes in infrastructure across payments and asset markets. The report specifically discusses banks exploring permissionless networks for issuing and transacting with digital assets.

The IMF identifies Société Générale, one of France’s largest banking groups, among the institutions pursuing this approach. Its EUR CoinVertible stablecoin operates across Ethereum, Solana, Stellar, and the XRP Ledger.

The deployment reflects a broader change in institutional blockchain architecture. Banks have traditionally favored permissioned ledgers because they offer greater control and predictable operating conditions. The IMF report describes increasing experimentation with public networks instead.

Public infrastructure, however, does not eliminate institutional controls. The IMF describes hybrid governance arrangements that can include tools such as whitelisting, which restricts who may hold and transfer regulated digital assets. Controls of this kind are what allow issuers bound by regulatory obligations to operate on networks that are otherwise open to any participant.

Stablecoins Connect Banks With Public Networks

Société Générale’s EUR CoinVertible provides a practical example of this model. The stablecoin represents a regulated financial asset issued through banking infrastructure, while its multi-chain deployment demonstrates interoperability across several blockchain environments. Stablecoins of this kind are designed to track a reference currency — the euro, in this case — which is what makes them usable for transfer and settlement on public networks.

The IMF distinguishes between the infrastructure and the assets operating on it. Blockchain networks provide settlement rails and transaction environments, while stablecoins constitute a separate layer within the broader architecture. This distinction is important when assessing potential demand for native tokens.

Network usage does not automatically require equivalent demand for XRP or XLM. Actual token requirements depend on settlement design, liquidity arrangements, and transaction structures.

As of the time of writing, XRP was trading at around $1.42, according to CoinMarketCap. The asset had a market capitalization of nearly $89.5 billion and reported 24-hour trading volume of approximately $2.81 billion.

Tokenization Broadens the Institutional Blockchain Debate

The IMF describes tokenization as more than the digitization of assets. It can combine ownership records, transfers, and settlement through shared digital ledgers, while smart contracts can automate certain financial processes. The report also emphasizes that multiple architecture models are emerging.

Some institutions continue to develop proprietary or permissioned infrastructure, while others are testing public networks with additional governance controls. For Stellar, Société Générale’s stablecoin deployment provides a similar institutional infrastructure context, but the report does not establish direct requirements for XLM in every transaction.

The same distinction applies to the XRP Ledger. Its inclusion demonstrates use as institutional blockchain infrastructure, but further adoption would require measurable settlement volumes and recurring financial activity. For now, the report documents direction rather than scale; whether this usage deepens into sustained on-chain activity is a question that disclosed settlement volumes and future issuance data would need to answer. The report remains focused on infrastructure design, interoperability, governance, and emerging financial models. The IMF report is available through the IMF eLibrary, and related IMF commentary is available here.