Societe Generale’s Crypto Division Launches Euro and Dollar Stablecoins in DeFi via Ethereum

Summary:
Societe Generale's digital asset arm, SG-FORGE, has introduced its euro and dollar stablecoins into the decentralized finance (DeFi) space, deploying them on Ethereum-based platforms Morpho and Uniswap. This significant move bridges traditional banking and crypto, allowing users to borrow, lend, and trade these stablecoins within a decentralized environment.

Key Takeaways:

SG-FORGE has launched euro (EURCV) and dollar (USDCV) stablecoins on Ethereum through Morpho and Uniswap.
Users can utilize these stablecoins for borrowing, lending, and trading against major cryptocurrencies and tokenized Treasury Bills.
This development signifies a major bank's venture into DeFi, merging traditional regulated assets with decentralized financial systems.

SG-FORGE announced that its stablecoins, EUR CoinVertible (EURCV) and USD CoinVertible (USDCV), will enable users to engage in borrowing, lending, and spot trading in a fully on-chain setting. This shift away from centralized platforms aligns with the bank's strategy to integrate regulated assets into the broader DeFi ecosystem.

Societe Generale’s Crypto Division Launches Euro and Dollar Stablecoins in DeFi via Ethereum

SG-FORGE’s Stablecoins Now Available on Morpho Lending Protocol

Under the Morpho platform, users can now borrow or lend the bank-issued stablecoins against popular cryptocurrencies such as Bitcoin and Ethereum, as well as through tokenized money market funds like USTBL and EUTBL, which invest in U.S. and Eurozone treasury bills regulated by the French Financial Markets Authority.

To ensure proper oversight, MEV Capital will curate the Morpho vaults, managing collateral eligibility, capital allocation, and risk. SG-FORGE has indicated that the range of eligible assets will expand over time. Additionally, Uniswap will facilitate spot trading for both stablecoins, with Flowdesk—a market-making firm previously partnered with SG-FORGE—providing liquidity to enhance trading efficiency without the need for traditional intermediaries.

Through this foray into DeFi, SG-FORGE aims to offer round-the-clock access to innovative financial tools supported by regulated, blockchain-based infrastructures.

🟥 Breaking News: @SocieteGenerale is entering DeFi

In a few days, it will be possible to deposit euro stablecoin (EURCV) into a vault at @MorphoLabs to generate yield.

This is the first time that the crypto arm of the French bank (SG-FORGE) is making this possible… pic.twitter.com/Qm1eu9ewKY — Grégory Raymond 🐳 (@gregory_raymond) September 29, 2025

By integrating its stablecoins with smart contract protocols, SG-FORGE eliminates numerous restrictions associated with conventional banking systems. While still in their early stages, with EURCV boasting a market capitalization of $66 million and USDCV approximately $32 million, these stablecoins highlight increasing institutional interest in applying real-world assets to permissionless financial systems.

In contrast, Circle's EURC stands at $260 million, while Tether's USDT dominates the market with $174.8 billion in circulation.

Societe Generale is among the few global banks actively issuing and deploying stablecoins, and it is currently exploring the potential roles of these assets in DeFi environments. By utilizing Ethereum, SG-FORGE is not only providing clients with new opportunities for digital finance but also maintaining connections to regulated assets, a strategy that merges traditional financial oversight with cutting-edge blockchain technology.

Visa Tests Stablecoin Payments for Global Transfers

In related news, Visa has begun piloting a stablecoin-based payment system aimed at enhancing cross-border transactions, which enables businesses to bypass the need to pre-fund local accounts. This initiative, driven by Visa Direct, underlines the increasing adoption of digital tokens within the financial sector.

This development follows the recent passage of the US GENIUS Act, which established a clearer legal framework for stablecoin issuers, boosting institutional confidence in the sector. While Visa has not disclosed its pilot partners, it plans to broaden the program in 2026, targeting banks, remittance agencies, and other financial entities.

By leveraging stablecoins, Visa intends to expedite transactions and alleviate the necessity of dormant capital held in various currencies. Meanwhile, Visa’s head of crypto, Cuy Sheffield, anticipates a convergence between traditional payment systems and digital assets. Industry estimates suggest the stablecoin market currently stands at around $269 billion, marking a 62% growth over the past year, with projections indicating it could reach $2 trillion within the next three years.