Societe Generale launches EUR, USD stablecoins on Ethereum DeFi protocols

SG-FORGE, the digital asset subsidiary of Société Générale, has officially launched its euro and US dollar stablecoins (EURCV and USDCV) on the Ethereum-based DeFi protocols Morpho and Uniswap.

On the Morpho platform, this project enables users to borrow and lend cryptocurrencies, including BTC, ETH, and tokenized money market funds such as USTBL and EUTBL. They are regulated by the French Financial Markets Authority and invest in US T-Bills and Eurozone T-Bills. 

It also enables spot trading of stablecoins through Uniswap. By moving into DeFi, SG-FORGE allows clients to transact around the clock with assets tied to major currencies, while relying on smart contracts to handle the mechanics. 

Société Générale maintains strategy despite underwhelming performance

The applicable vaults, collateral rules, and default handling will be overseen by MEV Capital, an asset management firm.

Société Générale‘s foray into DeFi with euro stablecoin deposits underscores the accelerating convergence between established financial institutions and blockchain innovation. Similar collaborations have gained traction across the sector, as evidenced by SWIFT’s selection of Linea for blockchain trials alongside major banks. 

Additionally, Deutsche Börse Group has signed a memorandum of understanding with Circle Internet Group to bring regulated stablecoins into Europe’s financial market infrastructure. 

EURCV is currently worth approximately $66 million on the market, while USDCV is valued at $32.2 million. This is still a minor amount compared to the market leaders, Circle’s EURC, which is worth $260 million, and Tether’s USDT, which is worth $174.8 billion.

According to reports, traditional finance-backed stablecoins, such as PayPal’s PYUSD and SocGen’s EURCV, struggled to gain meaningful traction. Despite brand recognition and regulatory alignment, both coins have seen limited adoption and utility in a market dominated by crypto-native incumbents.

Their underperformance pointed to the challenges TradFi institutions face in competing with established decentralized players. However, the door remains open for future entrants, particularly as the US approaches regulatory clarity.

Meanwhile, as announced, Société Générale started on a EUR 1 billion ordinary share buy-back program for share cancellation. As of September 26, 2025, Société Générale has completed 72.7% of its share buyback program, representing 1.7% of its share capital.

Stablecoin market global adoption

Stablecoins are making headway in global adoption as regulatory clarity improves. A recent report indicates that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025. Additionally, the stablecoin market has increased by over 5% in the last 30 days. Its market cap is at $289 billion with over 192 million participants.

In South Korea, the government is moving forward with crypto legislation that could pave the way for domestic stablecoin issuance, a key campaign promise of President Lee Jae-myung.

In the US, upcoming stablecoin regulation is reportedly prompting major tech firms, including Apple, X, and Airbnb, to explore digital token integration. Recent pictures of a Bolivian airport shop display prices in Tether’s USDt stablecoin, suggesting that more people are using it unofficially since a local bank began offering USDT custody last year.

Uber, the ride-sharing behemoth, is reportedly in the “study phase” of exploring how stablecoins could help reduce the costs of international money transfers. Payment processing company Stripe is also reportedly in talks with banks about potentially integrating stablecoins into its services.

Meanwhile, attention to security remains paramount, following significant incidents such as the connection between Kiln Finance and the $42 million SwissBorg theft. This highlights risks inherent to emerging decentralized protocols.

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