SG-FORGE Brings EURCV Stablecoin to Stellar Network
Societe Generale's blockchain division has extended its euro-pegged, MiCA-regulated stablecoin to another blockchain as it pursues a cross-chain approach to compliant digital currency infrastructure.
The digital asset division of Societe Generale, known as Societe Generale-FORGE, has brought its euro-based stablecoin to the Stellar network, marking the completion of a cross-blockchain rollout that was initially unveiled in 2025.
EUR CoinVertible (EURCV), as the stablecoin is called, has been developed to meet the requirements of the European Union's Markets in Crypto-Assets (MiCA) regulatory regime and functions as a tokenized representation of the euro that the institution issues for utilization within digital asset ecosystems.
The company indicates that bringing the stablecoin to Stellar is aimed at expanding its availability across blockchain-powered financial platforms and services involving tokenized assets.
According to SG-FORGE, Stellar provides high-speed transaction processing capabilities, minimal network transaction costs, and native functionality for tokenized assets. The blockchain network additionally features a decentralized exchange mechanism that enables participants to execute digital asset trades directly on the blockchain.
The EUR CoinVertible (EURCV) stablecoin was initially introduced by Societe Generale-FORGE on the Ethereum blockchain in April 2023. The digital currency maintains full reserve backing through bank deposits and high-quality liquid assets on a one-for-one ratio, and currently holds a market capitalization of approximately $452 million, based on information from DefiLlama data.
This launch follows just weeks after SG-FORGE introduced EUR CoinVertible to the XRP Ledger, which at that time represented the token's third blockchain platform following Ethereum (ETH) and Solana (SOL).
During January, the stablecoin played a role in an international banking network SWIFT pilot program that showcased the exchange and settlement processes for tokenized bonds utilizing both traditional fiat currencies and digital currencies.
European stablecoin push
Even with increasing attention toward euro-backed tokens, the stablecoin ecosystem continues to be overwhelmingly dominated by tokens backed by US dollars. Tether's USDT commands a market capitalization of approximately $185 billion, which constitutes nearly 60% of the entire sector, whereas Circle's USDC represents roughly $78 billion.
The uptake of digital dollars gained momentum in the United States following the passage of the GENIUS Act in July 2025, which established regulatory clarity for entities issuing stablecoins. Overall market capitalization has grown from approximately $260 billion on July 20 to over $314 billion at present, according to DefiLlama data.
In contrast, Europe has implemented a more stringent regulatory framework. The European Union's MiCA framework established new requirements for stablecoin issuers beginning in June 2024, mandating that companies conducting operations in the European Economic Area secure an e-money license from at least one EU member nation.
These regulatory requirements led multiple cryptocurrency exchanges, including Coinbase, OKX, Bitstamp, Uphold and Binance, to either remove or limit their support for stablecoins that had failed to obtain approval under the new framework. Tether made the decision to discontinue its euro-pegged stablecoin EURT as well.
During November, officials from the European Central Bank issued warnings that the expansion of US dollar-backed stablecoins might compromise Europe's monetary sovereignty through heightened dependence on digital assets denominated in dollars.