Generale

Societe Generale’s digital asset arm is now live on Morpho and Uniswap, moving its regulated EURCV and USDCV stablecoins beyond centralized exchanges and into the heart of decentralized lending and spot markets.

Summary

Societe Generale-FORGE has deployed euro and dollar stablecoins on Morpho and Uniswap.
Users can borrow against BTC, ETH, and tokenized money market funds, with Flowdesk and MEV Capital managing liquidity and risk.
The move reflects growing institutional interest in DeFi and tests how regulated bank-issued stablecoins perform in decentralized markets.

According to a press release dated Sept. 30, SG-FORGE has deployed its euro- and dollar-denominated stablecoins on two foundational DeFi protocols. On Morpho, users can now borrow EURCV and USDCV against a basket of crypto collateral, including wrapped Bitcoin and staked Ether.

Simultaneously, the stablecoins are listed on Uniswap, with Flowdesk providing liquidity for spot trading. The move, facilitated by specialized partners like MEV Capital for risk management, marks the division’s first major foray into the public Ethereum DeFi landscape.

Why Societe Generale’s stablecoin deployment matters

Per the statement, the deployment is a direct response to growing institutional demand to interact with digital assets outside the confines of traditional market hours and centralized gatekeepers.

SG-FORGE said it was positioning its stablecoins not as replacements for existing options, but as regulated instruments for specific, capital-efficient use cases.

“SG-FORGE aims to offer a complementary approach to its clients who would like to use these robust and regulated assets 24/7 in the context of financial operations,” the company noted, suggesting a shift from viewing DeFi as a separate entity to treating it as another operational venue, akin to a new trading floor or settlement network.

Beyond the familiar crypto collateral of wrapped Bitcoin and staked Ether, the Morpho vaults introduce a significant new asset class: tokenized money market funds. Specifically, the USTBL and EUTBL funds issued by Spiko will be accepted, blending traditional yield-bearing instruments with decentralized lending for the first time in this context.

Overseeing this cautious expansion is MEV Capital, which has been tasked with a critical curatorial role. The firm will supervise the list of eligible crypto assets used as collateral, ensure optimal capital allocation across the vaults, and act as a backstop by managing the risk of default as a last resort.

Uniswap’s role in the rollout is equally significant. By placing EURCV and USDCV into automated trading pools, Societe Generale is testing whether bank-issued stablecoins can operate under the same liquidity dynamics that govern crypto-native tokens.

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Societe Generale-FORGE (SG-FORGE), the cryptocurrency-focused subsidiary of the French bank, has chosen the European arm of crypto exchange Bullish as the first venue to list the lender’s USD CoinVertible (USDCV) stablecoin.

The dollar-denominated USDCV stablecoin, which SG Forge introduced on Ethereum and Solana back in June of this year, will list on Bullish Europe, the companies said on Tuesday. Bullish Global is also the owner of CoinDesk.

The arrival of regulations around stablecoins has caught the attention of the financial industry. SG Forge’s USDCV stablecoin, like its euro-denominated counterpart (EURCV), is regulated under the Markets in Crypto-Assets regulation (MiCA).

Although the GENIUS Act has been passed by the U.S. Congress, the full regulation is not yet in place, pointed out Jean-Marc Stenger, CEO of Societe Generale-FORGE. This means it will be some time before the bank’s stablecoins will be available to U.S. residents.

“For the moment, we have clarity in Europe with MiCA, but we don’t have this clarity in the U.S. Being a bank subsidiary, if we don’t have a clear picture, we can’t go ahead like a crypto player might do,” Stenger said in an interview.

“It’s probably several months ahead of us to have all these additional rules which will be issued in the U.S. So for now, we restrict the access of this product to non-U.S. investors, and once we will have a clear picture of the environment in the U.S., our goal is to lift this constraint,” he said.

There’s been a lot of talk about stablecoins among banks and other traditional finance firms, what with the bedding in of MiCA and U.S. President Donald Trump’s crypto-friendly administration. That said, SocGen remains the main stablecoin trailblazer among systemically important banks, for the time being at least.

SG Forge’s EURCV euro stablecoin, which was launched in 2023, has around €40 million ($47m) of turnover every day, according to Stenger. He said the number of exchanges and brokers allowed to directly mint and burn the stablecoin is growing steadily, while there are 10 or 15 exchanges in the queue to be on-boarded.

“We have one single KYC procedure and policy for the group, meaning that we onboard crypto exchanges and brokers the same way SocGen will onboard any other client,” Stenger said. “On occasion it’s a big order for some crypto players, but it’s important towards building strong partnerships.”

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Societe Generale launches stablecoins on Morpho and Uniswap

Why Societe Generale’s stablecoin deployment matters

Societe Generale Selects Bullish Europe to Debut Its USD Stablecoin