Societe Generale-FORGE Deploys MiCA-Compliant EURCV Stablecoin on Stellar
French banking company Societe Generale's crypto arm Société Générale-Forge has completed its first announced multichain expansion in 2025, deploying a euro-denominated stablecoin on the Stellar blockchain.
The stablecoin, known as EUR CoinVertible (EURCV), is designed to comply with the EU Markets in Crypto-Assets (MiCA) framework and represents a tokenized euro issued by the company for use in digital asset markets.
According to the company, the Stellar deployment is intended to expand the use of stablecoins in blockchain-based financial applications and asset services.
SG-FORGE Stellar offers high transaction throughput, low network fees and built-in tokenized assets. The network includes a decentralized exchange that allows users to trade digital assets directly on-chain.
Societe Generale-FORGE first launched its EUR CoinVertible (EURCV) stablecoin on Ethereum in April 2023. The stablecoin is fully backed by bank deposits and high-quality liquid assets on a one-to-one basis, and currently has a market capitalization of around $452 million, according to DefiLlama data.
The development comes weeks after SG-FORGE deployed Euro CoinVertible on the XRP Ledger, marking the token's third blockchain network after Ethereum (ETH) and Solana (SOL).
In January, Stablecoin was used in a pilot by global banking network SWIFT to allow exchange and settlement of token bonds using both fiat and digital currencies.
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Push the European stable coin
Despite growing interest in Euro-denominated tokens, the stable coin market remains dominated by US dollar-backed assets. Tether's USDT holds nearly 60% of the sector's market capitalization of $185 billion, while Circle's USDC holds roughly $78 billion.
After the Genius Act was passed in July 2025, digital dollar adoption accelerated in the US. The total market capitalization of It rose from $260 billion on July 20 to more than $314 billion today, according to Defillama data.
Meanwhile, Europe has adopted a more restrictive regulatory approach. The EU MCA framework introduced new 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 a number of exchanges, including Coinbase, OKX, Bitstamp, Uphold and Binance, to remove or limit support for stablecoins not licensed under the framework. Tether decided to discontinue its stablecoin EURT on the Euro-Peg.
In November, European Central Bank officials warned that the development of US dollar-backed stablecoins could undermine Europe's monetary sovereignty by increasing dependence on dollar-denominated digital assets.
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