Societe Generale’s Crypto Arm Brings Euro and Dollar Stablecoins to DeFi via Ethereum

Societe Generale’s digital asset unit, SG-FORGE, has taken its euro- and dollar-denominated stablecoins deeper into decentralized finance (DeFi), deploying them on Ethereum-based protocols Morpho and Uniswap.

Key Takeaways:

• SG-FORGE has launched its euro and dollar stablecoins on Ethereum via Morpho and Uniswap.
• Users can now borrow, lend, and trade EURCV and USDCV against major crypto and tokenized T-Bills.
• The move marks a shift toward DeFi by a major bank, bridging regulated assets with decentralized finance.

The move opens up EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) to borrowing, lending, and spot trading in a fully onchain environment, the company announced Tuesday.

It marks a shift from SG-FORGE’s earlier focus on centralized platforms and aligns the bank’s regulated assets with broader DeFi infrastructure.

On Morpho, users can now borrow or lend the bank-issued stablecoins against major cryptocurrencies including Bitcoin, Ethereum, and tokenized money market funds like USTBL and EUTBL, which invest in U.S. and Eurozone treasury bills.

These funds are regulated by the French Financial Markets Authority.

MEV Capital will serve as curator of the Morpho vaults, overseeing collateral eligibility, capital allocation, and risk management. SG-FORGE stated that the list of eligible assets will expand over time.

Meanwhile, Uniswap will provide spot trading for both stablecoins. Flowdesk, a market-making firm already partnered with SG-FORGE, will supply liquidity to the pools, ensuring smooth trading activity without reliance on traditional intermediaries.

SG-FORGE’s entrance into DeFi reflects a broader effort to enable 24/7 access to financial tools through regulated, blockchain-based infrastructure.

Grosse info : @SocieteGenerale se lance dans la DeFi

D'ici quelques jours, il sera possible de déposer du stablecoin euro (EURCV) dans un vault @MorphoLabs pour générer du rendement

C’est la première fois que la filiale crypto de la banque française (SG-Forge) rend possible… pic.twitter.com/Qm1eu9ewKY

By placing its stablecoins directly into smart contract-powered protocols, the firm removes many of the constraints tied to traditional banking systems.

While SG-FORGE’s stablecoins are still relatively small in scale, EURCV has a market cap of $66 million and USDCV around $32 million, they signal a growing interest from institutional players in deploying real-world assets into permissionless finance.

For comparison, Circle’s EURC stands at $260 million, and Tether’s USDT leads the stablecoin market with $174.8 billion in circulation.

Societe Generale is one of the few global banks to issue and actively deploy its own stablecoins, and the firm is now exploring their potential role in DeFi ecosystems.

With the Ethereum deployments, SG-FORGE is offering clients new avenues to access digital finance while maintaining ties to regulated assets, an approach that blends traditional finance oversight with blockchain-native functionality.

As reported, Visa has also begun testing a new stablecoin-based system to improve cross-border payments, allowing businesses to avoid pre-funding local accounts.

The pilot, powered by Visa Direct, reflects growing momentum behind digital tokens in the financial sector.

The move comes after the passage of the US GENIUS Act, which clarified the legal framework for stablecoin issuers and boosted institutional confidence.

Visa has not named its pilot partners but plans to expand the program in 2026, targeting banks, remittance firms, and financial institutions.

By leveraging stablecoins, Visa aims to speed up transactions and reduce the need for dormant capital held in multiple currencies.

Meanwhile, Visa’s head of crypto, Cuy Sheffield, expects traditional payments and digital assets to converge.

Industry estimates place the stablecoin market at about $269 billion, up 62% in the past year, with forecasts suggesting it could climb to $2 trillion within three years.

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