What is EUR CoinVertible (EURCV)?

Quick Facts

• Issuer: Societe Generale-FORGE (SG-Forge), a Societe Generale subsidiary
• Peg: 1:1 to the Euro, backed by cash and cash equivalents
• Launched: April 2023 on Ethereum
• Regulation: Fully MiCA-compliant as an e-money token (EMT)
• Blockchains: Ethereum, Solana, Stellar, and XRP Ledger
• Use case: Institutional and retail payments, DeFi, cross-border settlement
• Regulator approval: ACPR (France's Prudential Control and Resolution Authority)

Introduction

EUR CoinVertible (EURCV) is a euro-pegged stablecoin issued by Societe Generale-FORGE (SG-Forge). It is designed to bridge traditional financial markets and the digital asset ecosystem, offering an institutional-grade, fully regulated digital representation of the Euro.

As one of the largest euro stablecoins by issuance, EURCV is notable for being issued by a major European bank rather than a crypto-native company.

History & Background

SG-Forge, a subsidiary of Societe Generale — one of France's largest banks, founded in 1864 — has been active in the digital asset space since 2019, issuing digital bonds and structured products on Ethereum and Tezos.

EURCV was first issued in April 2023 on the Ethereum public blockchain, initially restricted to institutional clients. In October 2023, SG-Forge upgraded the smart contract to improve resiliency and speed. By July 2024, EURCV was restructured to comply fully with the European MiCA regulation, enabling free transferability without whitelisting restrictions.

How EUR CoinVertible Works

EURCV is a fiat-backed stablecoin. Every token issued is backed 1:1 by Euros held in segregated accounts, managed by a third-party fiduciary and kept legally separate from SG-Forge's own assets.

When a user purchases EURCV, the corresponding funds are transferred to a dedicated collateral account. Redemption is available at any time at par value. Compliance controls are embedded at the protocol level, and SG-Forge holds an electronic money institution (EMI) licence from France's ACPR regulator.

Tokenomics

EURCV is a demand-driven issuance token — new tokens are minted when institutional or retail clients subscribe, and burned upon redemption. The economic design prioritizes stability and full collateralization over yield generation.

The token does not offer staking rewards or inflationary emissions. Its value is derived entirely from its 1:1 backing and its utility as a regulated, transferable digital euro across multiple blockchains.

Ecosystem & Use Cases

EURCV operates across a multichain ecosystem spanning Ethereum, Solana, Stellar, and the XRP Ledger, each chosen for specific strengths such as speed, low fees, or institutional adoption.

Beyond direct transfers, EURCV has been deployed on DeFi protocols including Morpho (lending and borrowing) and Uniswap (spot trading), allowing 24/7 financial operations. SG-Forge also partners with liquidity providers such as Wintermute to ensure deep market liquidity.

Key use cases include cross-border settlement, on-chain payments, collateral in DeFi lending, and trading pairs on centralised and decentralised exchanges.

Team, Governance & Community

SG-Forge is led by CEO Jean-Marc Stenger and operates as a fully regulated, integrated subsidiary of Societe Generale. Governance follows the standards of a licensed financial institution rather than a decentralised autonomous organisation.

Decisions on smart contract upgrades, collateral management, and compliance are made internally by SG-Forge, in line with French and European regulatory frameworks.

Advantages

• Bank-backed issuer: Supported by the structural safety of Societe Generale, a Tier-1 European bank.
• Full MiCA compliance: One of the first stablecoins fully compliant with European crypto-asset regulation from day one.
• 1:1 collateralization: Reserves held in segregated accounts, separate from issuer assets.
• Multichain availability: Accessible on Ethereum, Solana, Stellar, and XRP Ledger.
• DeFi integration: Live on Morpho and Uniswap for lending, borrowing, and spot trading.

Risks & Challenges

• Centralisation: SG-Forge maintains granular control over transactions, which may be restrictive for some crypto users.
• Regulatory dependency: Changes in European or French financial regulation could directly affect EURCV operations.
• Institutional focus: While now open to retail users, the product's origins and design remain oriented toward institutional clients.
• Euro currency risk: As a Euro-denominated asset, EURCV carries the inherent exchange-rate risk of the Euro against other currencies.

Long-Term Vision

SG-Forge aims to position EURCV as a leading regulated euro stablecoin for both institutional and retail users across global blockchain ecosystems. The strategy focuses on expanding multichain availability, deepening DeFi integrations, and leveraging MiCA compliance as a competitive advantage in a maturing European digital asset market.

By connecting traditional finance infrastructure with public blockchain networks, EURCV seeks to become a trusted settlement layer for the next generation of digital financial services.