EUR CoinVertible (EURCV) is an institutional-grade, Euro-pegged stablecoin issued by SG-FORGE, the digital asset subsidiary of the French banking group Societe Generale. ^{[1] [2]} It is designed to bridge traditional capital markets with the digital asset ecosystem by providing a regulated and transparent digital currency on public blockchains. ^[3]

Overview

EUR CoinVertible was developed to meet the growing demand from institutional clients for a reliable, on-chain settlement asset denominated in Euros. The project's primary objective is to combine the efficiency, security, and transparency of blockchain technology with the stability of the Euro, thereby mitigating the price volatility associated with other cryptocurrencies. ^[4] Issued by a fully integrated subsidiary of a major global bank, EURCV is positioned as a bank-grade stablecoin intended for use cases such as on-chain settlement of tokenized securities, corporate treasury management, and cross-border payments. ^[5]

Initially launched in a permissioned environment for qualified investors, the stablecoin's structure was later updated to comply with the European Union's Markets in Crypto-Assets (MiCA) regulation. This transition involved reclassifying EURCV as an Electronic-Money Token (EMT) and removing transfer restrictions, which opened its use to the broader public and decentralized finance (DeFi) ecosystems. ^[6] The project emphasizes transparency, with Societe Generale-FORGE publishing daily reports on the value and composition of the collateral reserves backing the token. ^[2]

History

SG-FORGE announced the launch of EUR CoinVertible on the Ethereum public blockchain in April 2023. ^[2] The initial version was designed exclusively for institutional clients who had to undergo a comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) onboarding process with Societe Generale. ^[3] Transfers were restricted to whitelisted Ethereum addresses, giving the issuer granular control over the token's circulation. ^[3]

In October 2023, SG-FORGE announced an update to the EURCV smart contract. The stated goals were to improve its resiliency, increase transfer speeds, and enable free, direct transfers between whitelisted investors without requiring the issuer's direct involvement in each transaction. ^[4] A significant evolution occurred in mid-2024 to align with the EU's MiCA regulation, which came into effect for stablecoins on June 30, 2024. On July 1, 2024, SG-FORGE restructured EURCV into an Electronic-Money Token (EMT) after obtaining an electronic money institution (EMI) license from the French Autorité de contrôle prudentiel et de résolution (ACPR). ^[6] Following this regulatory milestone, the whitelisting restrictions were removed, allowing for the free transferability of EURCV and paving the way for its integration into DeFi protocols and broader public use. ^[5]

Technology and Mechanism

EUR CoinVertible is a multi-chain asset designed to be interoperable across different blockchain ecosystems. ^[7]

Blockchain Networks

EURCV is deployed on several public blockchains, including:

• Ethereum: The primary network where the stablecoin was first launched. The token follows the ERC-20 standard. The contract address is 0x5f7827fdeb7c20b443265fc2f40845b715385ff2.
• Solana: The contract address on Solana is DghpMkatCiUsofbTmid3M3kAbDTPqDwKiYHnudXeGG52.
• XRP Ledger: The currency code on the XRP Ledger is 4555524356000000000000000000000000000000.

This multi-chain presence is intended to provide broad accessibility and utility for the stablecoin across different digital asset ecosystems. ^[7]

Collateralization Model

EURCV is a fully collateralized stablecoin, with each token designed to be backed 1:1 by assets denominated in Euros. The reserve assets consist of fiat Euro held in a dedicated cash account at Societe Generale and/or high-quality, liquid securities that meet predefined eligibility criteria, including minimum credit ratings. ^{[4] [2]}

To ensure the security of token holders' funds, the collateral assets are legally and financially segregated from SG-FORGE's own corporate assets. When EURCV is issued, the corresponding funds are transferred to a third-party fiduciary, which holds the assets in an account exclusively dedicated to backing the value of the circulating tokens. This structure is designed to give token holders direct recourse to the underlying collateral. ^[3]

Security and Transparency

The project emphasizes security and transparency through several measures. The EURCV smart contract has undergone audits by third-party firms, including one by PwC at its initial launch and another by Hacken in June 2024. ^{[2] [4]} The smart contract's source code was also published under the Apache 2.0 open-source license to allow for public review. ^[2]

For transparency, Societe Generale-FORGE publishes daily reports on its official website. These reports provide details on the total amount of EURCV in circulation, as well as the value and composition of the collateral reserve. ^[1]

Regulatory Compliance and Legal Structure

EUR CoinVertible was designed to operate within established financial regulatory frameworks. Under French law, it is classified as a digital asset (actif numérique). ^[2]

Initial Permissioned Model

From its launch in April 2023 until mid-2024, EURCV operated on a permissioned basis. Access was restricted to institutional and qualified investors who completed KYC/AML checks with Societe Generale. All transfers required both the sender and receiver addresses to be on a pre-approved whitelist maintained by SG-FORGE. This centralized control model was implemented to ensure robust compliance and aid in theft prevention, though it differed significantly from the permissionless nature of most public blockchain assets. ^[3]

Transition to MiCA Compliance

With the implementation of the EU's MiCA regulation, SG-FORGE undertook a significant restructuring of the stablecoin. In July 2024, after receiving an electronic money institution (EMI) license from the French regulator ACPR, SG-FORGE officially reclassified EURCV as an Electronic-Money Token (EMT). This change brought the stablecoin into full compliance with MiCA's requirements for asset-referenced tokens. A key outcome of this transition was the removal of the whitelisting system, enabling free and unrestricted transfers of EURCV on public blockchains. This shift was intended to broaden the stablecoin's adoption and facilitate its use in DeFi applications. ^{[6] [5]}

Use Cases

EUR CoinVertible is intended for a range of institutional and on-chain financial activities. Key use cases identified by SG-FORGE include:

• On-chain settlement: Serving as a stable asset for the settlement of digital securities and other on-chain transactions.
• Corporate treasury: Providing solutions for corporate cash management and cash pooling activities.
• Liquidity and refinancing: Acting as a tool for on-chain liquidity funding and refinancing.
• Cross-border payments: Facilitating faster and lower-cost international payments compared to traditional systems.
• DeFi integration: Serving as a regulated and transparent form of collateral or payment within decentralized finance protocols.

These applications are designed to leverage the efficiency of blockchain technology while providing the stability of a bank-issued, Euro-backed asset. ^{[2] [5]}

Ecosystem and Partnerships

The development and distribution of EUR CoinVertible involve several key entities from both traditional finance and the digital asset industry.

• Issuer: Societe Generale-FORGE is the sole issuer and manager of the stablecoin. It is a fully licensed and regulated subsidiary of the Societe Generale group.
• Parent Company: Societe Generale provides the banking infrastructure, including holding the fiat Euro reserves for the stablecoin.
• Legal and Fiduciary Partners: The law firm White & Case advised SG-FORGE on the initial issuance and its transition to MiCA compliance. Equitis Gestion served as the initial fiduciary responsible for overseeing the segregated collateral assets.
• Market Makers: To ensure liquidity and stable trading conditions on exchanges, SG-FORGE has partnered with market-making firms, including Flowdesk and Wintermute.
• Distribution Partners: The stablecoin's distribution is supported by partnerships with cryptocurrency platforms such as Bitpanda and Bit2Me.
• Exchanges: EURCV is available for trading on centralized exchanges like Bitstamp and Bullish, as well as decentralized exchanges such as Uniswap v3.

This ecosystem of partners supports the stablecoin's issuance, regulatory adherence, liquidity, and market accessibility. ^{[2] [5] [1]}

Tokenomics

As of November 2, 2025, the market data for EUR CoinVertible is as follows:

• Market Capitalization: Approximately $75.9 million
• 24-Hour Trading Volume: Approximately $33 million
• Circulating and Total Supply: 65,755,949 EURCV
• Number of Holders: 222
• All-Time High: $1.19 (September 17, 2025)
• All-Time Low: $0.9885 (February 4, 2025)

The most active trading pairs include BTC/EURCV and EURCV/USDC on the Bullish exchange, and EURCV/EUR on Bitstamp. ^{[8] [7]}

Quotes

“Digital assets with stabilisation mechanisms – i.e. stablecoins – built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem. This issuance is a major step in Societe Generale–FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.” — Jean-Marc Stenger, CEO of Societe Generale-FORGE ^[2]

"In order to apply the highest standards of transparency and security, as defined by MiCA... we have restructured our stablecoin into an Electronic-Money Token (EMT). This development will allow for the free movement and wider distribution of our stablecoin. [...] Investors will be able to consider new use cases for our stablecoin, especially thanks to its integration within decentralized finance (DeFi) ecosystems." — Jean-Marc Stenger, CEO of Societe Generale-FORGE ^[5]