Societe Generale-FORGE, the crypto arm of French banking firm Societe Generale, has deployed its euro-denominated stablecoin on the Stellar blockchain, completing a multi-chain expansion first announced in 2025.
The stablecoin, known as EUR CoinVertible (EURCV), is designed to be compliant with the EU’s Cryptocurrency Markets Framework (MiCA) and represents a tokenized euro issued by a company for exploit in digital asset markets.
According to businessStellar’s rollout aims to expand the stablecoin’s exploit in blockchain-based financial applications and tokenized asset services.
SG-FORGE claims that Stellar offers high transaction throughput, low network fees, and built-in support for tokenized assets. The network also includes a decentralized exchange that allows users to trade digital assets directly on-chain.
Societe Generale-FORGE first launched the Ethereum stablecoin EUR CoinVertible (EURCV) in April 2023. The stablecoin is fully supported by reserves consisting of bank deposits and high-quality liquid assets on a one-to-one basis, and according to DefiLlama its current market capitalization is approximately $452 million data.
This development comes weeks after SG-FORGE EUR deployed CoinVertible on the XRP ledger and subsequently marked the token’s third blockchain network after Ethereum (ETH) and Solana (SOL).
In January, the stablecoin was used by the global banking network SWIFT in a pilot that demonstrated the exchange and settlement of tokenized bonds using both fiat and digital currencies.
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European stablecoin push
Despite the growing interest in euro-denominated tokens, the stablecoin market remains dominated by US dollar-backed assets. Tether’s USDT (USDT) market cap is around $185 billion, accounting for almost 60% of the sector, while USDC (USDC) Circle’s market cap is around $78 billion.
The adoption of digital dollars in the US has accelerated following the passage of the GENIUS Act in July 2025, providing regulatory clarity to stablecoin issuers. Total market capitalization has grown from about $260 billion on July 20 to over $314 billion today, according to DefiLlama data.
Meanwhile, Europe has adopted a stricter regulatory approach. The European Union’s MiCA framework introduced up-to-date rules for stablecoin issuers in June 2024, requiring companies operating in the European Economic Area to obtain an e-money license in at least one EU member state.
The regulation prompted several exchanges, including Coinbase, OKX, Bitstamp, Uphold, and Binance, to remove or restrict support for stablecoins that have not been authorized under this framework. Tether has also decided to stop producing the euro-pegged EURT stablecoin.
In November, European Central Bank officials warned that the rise of U.S. dollar-backed stablecoins could weaken Europe’s monetary sovereignty by increasing reliance on dollar-denominated digital assets.
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