SocGen’s Crypto Arm Deploys Euro, Dollar-Pegged Stablecoins in DeFi

French banking giant Société Générale’s crypto arm, SG-FORGE, is expanding its stablecoin offering into decentralized finance, aiming to provide what it calls a “complementary approach” for clients.

In a press release today, Sept. 30, the multinational bank said that its EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoins will be available for lending, borrowing and trading on Ethereum via DeFi protocols Morpho and Uniswap.

The stablecoins can be used in collateralized lending and borrowing on Morpho, backed by assets including Wrapped Bitcoin (WBTC), wrapped Lido Liquid staked ETH (WSTETH) and tokenized money market funds issued by Spiko, a management platform that offers tokenized money market funds.

Per the press release, MEV Capital will act as curator of the vaults, supervising collateral lists and managing capital allocation.

On Uniswap, the stablecoins will be available for spot trading, with Flowdesk providing market-making services to support liquidity, the press release reads.

Uniswap is currently the largest on-chain exchange by trading volumes, while Morpho is the second-largest DeFi lending protocol, per data from DefiLlama.

SG-FORGE launched EURCV in April 2023 as a stablecoin for institutional use on Ethereum. In its early phase, it was limited to a small set of approved addresses, drawing criticism from crypto purists that it functioned more like a closed or “walled-garden” token than an open asset.

Responding to concerns, SG-FORGE reworked EURCV in mid-2024 to comply with the EU regulatory regime for crypto, MiCA, and removed whitelisting so that the token could move freely on public chains. Two years after launching EURCV, SG-FORGE debuted USDCV, with BNY Mellon named as reserve custodian.

As of its Q2 2025 financial report, Société Générale private banking has 132 billion euros in assets under management.