French banking powerhouse Société Générale is making significant strides in the decentralized finance (DeFi) landscape with its crypto division, SG-FORGE, introducing euro and dollar-pegged stablecoins. In a statement released on September 30, the bank announced that its stablecoins, the EUR CoinVertible (EURCV) and the USD CoinVertible (USDCV), will now be accessible for lending, borrowing, and trading on major Ethereum-based DeFi platforms, Morpho and Uniswap.
The integration of these stablecoins into the DeFi ecosystem marks a pivotal move for SG-FORGE, which aims to provide its clientele with a complementary approach to traditional finance operations. By leveraging the innovative capabilities of decentralized networks, the bank seeks to enhance its service offerings in a rapidly evolving crypto environment.
According to the press release, the EURCV and USDCV will be utilized within collateralized lending and borrowing protocols on Morpho, a platform designed to facilitate peer-to-peer lending. The stablecoins will be supported by various collateral assets, including Wrapped Bitcoin (WBTC), wrapped Lido Liquid Staked Ether (WSTETH), and tokenized money market funds issued by Spiko, a management platform focused on finance digitization.
In a bid to maintain robust ecosystem management, MEV Capital has been appointed as the curator for vault operations. Their role includes overseeing collateral lists and efficiently managing capital allocations to enhance stability and liquidity across the platforms.
On Uniswap, known for being the world’s largest decentralized exchange by trading volume, the stablecoins will be made available for spot trading. Additionally, Flowdesk has been engaged to provide market-making services, ensuring adequate liquidity for these tradable digital assets.
SG-FORGE first introduced its EURCV stablecoin in April 2023, originally limiting its use to a select group of approved addresses. This restriction drew criticism from many in the crypto community who perceived it more as a controlled asset rather than an open token to be freely traded. Responding to feedback, SG-FORGE has made adjustments, aligning the EURCV with the European Union’s regulatory framework established under the Markets in Crypto-Assets (MiCA) regulation. By removing the whitelisting restrictions earlier this year, the token can now flow freely across public blockchains.
Following the success of the EURCV, SG-FORGE recently launched its USD CoinVertible, with BNY Mellon appointed as the reserve custodian, further enhancing its credibility in the crypto space.
As of its second-quarter financial report for 2025, Société Générale’s private banking division boasts an impressive 132 billion euros in assets under management, indicating the bank’s strong foothold in traditional finance and now in the rapidly diversifying realm of cryptocurrency.
The introduction of SG-FORGE’s stablecoins into DeFi ecosystems signifies a critical trend where traditional financial institutions are increasingly adopting blockchain technology and decentralized finance solutions, ultimately bridging the gap between traditional banking and innovative financial technologies.
