Societe Generale-FORGE Introduces Euro-Pegged Stablecoin on Stellar
Societe Generale-FORGE, the digital asset arm of the French banking group, has rolled out its euro-backed stablecoin, EUR CoinVertible (EURCV), on the Stellar blockchain, completing a multichain expansion that was first announced in 2025.
This stablecoin, compliant with the European Union’s Markets in Crypto-Assets (MiCA) framework, aims to facilitate transactions in digital asset markets.
According to the company, the Stellar deployment is designed to enhance the stablecoin’s applicability in blockchain-based financial solutions and asset tokenization services.
SG-FORGE mentions that Stellar provides advantages such as high transaction throughput, minimal network fees, and integrated support for tokenized assets, along with a decentralized exchange for onchain trading.
Previously, Societe Generale-FORGE had launched EUR CoinVertible (EURCV) on Ethereum in April 2023, with full backing by reserves consisting of bank deposits and high-quality liquid assets on a one-to-one basis. Next, EUR CoinVertible was deployed on the XRP Ledger, becoming the third blockchain network to host the token after Ethereum and Solana.
In January, the stablecoin played a role in a pilot by the global banking network SWIFT, which showcased the potential for exchanging tokenized bonds using both fiat and digital currencies.
European Stablecoin Developments
While interest in euro-backed tokens is rising, the stablecoin market is still dominated by assets pegged to the US dollar. Tether’s USDT holds a market cap of around $185 billion, making up nearly 60% of the market, while Circle’s USDC accounts for about $78 billion.
The adoption of digital dollar assets has surged in the US following the passage of the GENIUS Act in July 2025, leading to a growth in total market capitalization from approximately $260 billion to over $314 billion today. On the other hand, Europe has adopted stricter regulations through the MiCA framework, requiring stablecoin issuers within the European Economic Area to obtain an e-money license from at least one EU member state.
The regulation encouraged platforms, such as Coinbase and Binance, to restrict support for non-compliant stablecoins. The European Central Bank has expressed concerns regarding the influence of US dollar-backed stablecoins on European monetary policy.
Stablecoin Market Cap
Stablecoin market cap. Source: DefiLlama
Societe Generale remains committed to evolving within the digital asset ecosystem while ensuring compliance with emerging regulations.
