In a significant move for European digital finance, Societe Generale-FORGE, the dedicated crypto and digital asset division of the French banking giant Societe Generale, has expanded its euro-denominated stablecoin, EUR CoinVertible (EURCV), to the Stellar blockchain. This deployment marks the latest step in a deliberate multichain strategy first outlined by the firm, aiming to make its regulated stablecoin widely accessible across diverse financial ecosystems.
EURCV is specifically designed to meet the stringent requirements of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. As a tokenized euro issued by a licensed entity, it is fully backed on a one-to-one basis by a reserve of high-quality liquid assets and bank deposits, providing a transparent and compliant bridge between traditional finance and blockchain-based markets.
Expanding Reach Through Strategic Blockchain Partnerships
The choice of Stellar for this deployment is strategic. SG-FORGE highlighted the network’s capability for high transaction throughput, consistently low fees, and native support for tokenized assets. Furthermore, Stellar’s built-in decentralized exchange (DEX) facilitates seamless, on-chain trading of digital assets like EURCV, enhancing its utility for payments, remittances, and decentralized finance (DeFi) applications.
This expansion follows a clear timeline of multichain growth. EURCV was initially launched on the Ethereum blockchain in April 2023. The token then deployed to the Solana network, and most recently, in late 2025, it was integrated with the XRP Ledger. The Stellar integration represents its fourth major blockchain network, dramatically increasing potential points of access and use cases for developers and institutions.
Real-World Validation and Growing Adoption
EURCV’s design and regulatory compliance have already attracted notable attention. In a high-profile pilot in January 2025, the global banking network SWIFT utilized the stablecoin to demonstrate the settlement of tokenized bonds, showcasing its potential for efficient cross-border capital markets infrastructure. With a current market capitalization of approximately $452 million, according to data from DeFi analytics platform DefiLlama, EURCV stands as one of the largest euro-backed stablecoins by market size.
The European Stablecoin Context: Regulation vs. Global Dominance
Despite these developments, the global stablecoin market remains overwhelmingly dominated by U.S. dollar-backed assets. Tether’s USDT commands a market cap of roughly $185 billion, while Circle’s USDC represents about $78 billion, together accounting for the vast majority of the sector’s total value, which now exceeds $314 billion per DefiLlama.
This U.S. market growth has been partly fueled by regulatory clarity. The passage of the GENIUS Act in July 2025 provided a federal framework for stablecoin issuers, accelerating institutional adoption. In contrast, Europe has pursued a more restrictive, rules-based approach under the MiCA framework, which fully applied its stablecoin-specific provisions in June 2024. These rules mandate that issuers operating in the European Economic Area secure an e-money license from an EU member state, a high barrier to entry.
This regulatory divergence has had immediate consequences. Major exchanges such as Coinbase, Binance, and Bitstamp have restricted or delisted stablecoins lacking MiCA authorization. Notably, Tether announced it would discontinue its own euro-pegged stablecoin, EURT, citing the challenging compliance landscape.
European Central Bank officials have voiced concern that the proliferation of U.S. dollar-backed stablecoins could undermine the euro’s role in digital finance, potentially weakening monetary sovereignty. The successful, compliant deployment of a major bank-issued euro stablecoin like EURCV across multiple chains is therefore viewed by many as a critical countermeasure to maintain the currency’s relevance in the emerging tokenized economy.
Source: DeFiLlama, Societe Generale-FORGE announcements, and European Banking Authority guidance on MiCA implementation.
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