Societe Generale has launched its euro-denominated stablecoin, EUR CoinVertible, on the XRP Ledger, joining BNP Paribas in a push for euro-backed digital currencies despite ongoing market challenges. While total stablecoin issuance exceeds $300 billion, the active market cap of USD-pegged tokens remains stagnant at around $30.792 billion, raising concerns over liquidity and volatility in the wider cryptocurrency ecosystem. As banks innovate in stablecoin offerings, aligning definitions of issuance and market cap becomes critical for understanding stability in this evolving landscape.