Jean-Marc Stenger is the founder and Chief Executive Officer (CEO) of Societe Generale-FORGE (SG-FORGE), the digital asset subsidiary of the global banking group Societe Generale. A long-time executive within the Societe Generale group, Stenger previously served as the Chief Investment Officer (CIO) of Lyxor Asset Management. He is a prominent figure in the institutional adoption of blockchain technology in Europe, having led the development of some of the first bank-issued digital bonds and stablecoins on public blockchains. ^{[1] [2]}​

Education

Stenger is a graduate of Arts et Métiers ParisTech (ENSAM), a French engineering and research graduate school, where he earned a degree in Mechanical Engineering. ^{[1] [3] [4]}

Career

Jean-Marc Stenger has spent his entire professional career within the Societe Generale group, progressing from an analyst to leading the bank's digital asset strategy. ^[1]​

His career began in October 2000 as a Financial Analyst for Societe Generale in Frankfurt, Germany. In January 2003, he joined Lyxor Asset Management, then a subsidiary of the group, as a Senior Portfolio Manager. He was one of the firm's initial 35 employees. He was appointed Global Head of Portfolio Management in January 2005. In July 2013, Stenger was promoted to Chief Investment Officer (CIO) and became a member of Lyxor's Executive Committee, a role in which he was responsible for the firm's investment decisions and strategies. During his tenure, he was involved in the firm's international expansion and its work with major pension plans and sovereign wealth funds. By the time he left Lyxor in 2018, the firm managed assets worth €137 billion and had 600 employees. ^{[1] [2]}​

In 2018, Stenger initiated the creation of a new venture within Societe Generale focused on digital assets. He founded Societe Generale-FORGE in January 2019 and became its CEO. SG-FORGE was established as a fully integrated and regulated subsidiary to spearhead the bank's strategy in digital capital markets, including the issuance, custody, and settlement of financial products on public blockchains. ^{[1] [2]}​

Leadership at SG-FORGE

As CEO of SG-FORGE, Stenger has overseen a series of initiatives that have positioned Societe Generale at the forefront of institutional digital finance. The subsidiary has obtained licenses in France as an investment firm, an electronic money institution, and a Digital Asset Service Provider (DASP). ^[5]​

Digital Bond Issuances

Under Stenger's leadership, SG-FORGE has used public blockchains to issue several digital bonds, also known as security tokens.

• April 2019: The firm issued a €100 million covered bond as a security token on the Ethereum public blockchain. ^[1]
• April 2021: SG-FORGE acted as the issuer, lead manager, and agent for the European Investment Bank's (EIB) €100 million, two-year digital bond, which was also issued on Ethereum. ^[1]
• November 2023: The company issued Societe Generale's first digital green bond, a $10 million security token registered on the Ethereum blockchain and subscribed by institutional investors AXA Investment Managers and Generali Investments. ^[6]
• December 2023: The firm issued Societe Generale's first digital bond denominated in U.S. dollars on the Ethereum blockchain, which was fully subscribed by AXA Investment Managers and Generali Investments. ^[7]

Institutional Stablecoins

A core part of Stenger's strategy has been the creation of regulated, bank-grade stablecoins to facilitate on-chain settlement. These stablecoins are issued under the "CoinVertible" brand.

• EUR CoinVertible (EURCV): Launched in April 2023, EURCV is an institutional stablecoin pegged to the Euro. It was designed to comply with the European Union's Markets in Crypto-Assets (MiCA) regulation and provide a secure settlement asset for transactions on the blockchain. ^{[1] [5]} In a move to increase trust, BNY Mellon was appointed to serve as a custodian for the stablecoin's reserve assets. ^[6] To expand its use cases beyond crypto-native trading, Stenger has pursued a multi-chain strategy, deploying EURCV on blockchains such as Ethereum, Solana, XRP Ledger, and Stellar to leverage their respective strengths in speed, cost, and cross-border payment capabilities. ^[5]
• USD CoinVertible (USDCV): In December 2023, SG-FORGE announced the launch of a U.S. dollar-denominated institutional stablecoin. BNY Mellon was selected to act as the custodian for the cash reserves backing USDCV. ^{[8] [9]} The USDCV was officially launched in March 2026. ^[10]

Strategic Partnerships

Stenger has guided SG-FORGE in forming collaborations with key players across both traditional and digital finance to build a comprehensive ecosystem.

• Metaco: In June 2022, SG-FORGE partnered with the digital asset technology provider Metaco to integrate its Harmonize platform. This collaboration was aimed at managing the firm's digital asset custody operations and providing institutional-grade security to scale its services. ^[10]
• Swift: SG-FORGE has engaged in multiple experiments with Swift to test the interoperability of distributed ledger technology (DLT) with traditional financial infrastructure. These tests focused on connecting different blockchain networks to enable the seamless transfer and settlement of tokenized assets, aiming to prevent the fragmentation of the market into isolated "DLT islands." ^[11]
• Deutsche Börse Group: In September 2023, a partnership was announced with Deutsche Börse Group to explore and develop decentralized finance (DeFi) services for institutional clients. The collaboration focuses on tokenization, custody, and integrating SG-FORGE's stablecoins with Deutsche Börse's D7 digital post-trade platform. ^[12]
• BCB Group: To enhance the accessibility of its stablecoins, SG-FORGE partnered with cryptocurrency payments provider BCB Group. The collaboration allows clients to use the EUR CoinVertible for payments, trading, and settlement, providing efficient on

• and off-ramps between fiat and digital currencies. ^[13]

• BNY Mellon: To reinforce the security and transparency of its stablecoin offerings, SG-FORGE appointed BNY Mellon as a custodian. BNY Mellon holds the cash reserve assets backing both the EURCV and USDCV stablecoins, adding a layer of trust by involving a Global Systemically Important Bank (G-SIB) in the structure. ^{[9] [14]}

Views and Philosophy on Digital Assets

Through public engagements and interviews, Jean-Marc Stenger has articulated a clear vision for the institutionalization of digital assets. He is a vocal proponent of tokenization, viewing it as a fundamental evolution for financial markets that creates greater efficiency, transparency, and liquidity.

He has expressed his conviction that blockchain technology will lead to the "reinvention of processes in the financial industry" and has stated, "We believe that in the future, all financial products will be issued on DLT." ^[1] His approach emphasizes a "hybrid model" where traditional finance and digital asset ecosystems coexist through regulated, interoperable bridges. He has highlighted the importance of robust regulatory frameworks like MiCA, calling the regulation a "game changer" and a "window of opportunity" for Europe to attract international actors. ^[5]​

On the role of SG-FORGE, Stenger has stated that the goal is to build a holistic service that bridges the gap between digital assets and traditional finance by providing the secure, compliant, and scalable infrastructure that institutional clients expect. ^[10]​

Selected Quotes

• On partnering with Deutsche Börse in September 2023: "We are developing a new generation of market infrastructures... This partnership with one of the most recognized market infrastructure operators in Europe is a new key step in our project to build tomorrow’s regulated, institutional-grade and interoperable digital asset ecosystem." ^[1]
• On the growth of stablecoins: "We believe the stablecoin market will continue to grow and will not be limited to the needs of the crypto-assets trading market. One of the growth drivers of this market will be cross-border payments." ^[5]
• On interoperability with Swift in May 2023: "By experimenting with Swift, on the interoperability of our respective solutions, we are contributing to the construction of the future of digital assets." ^[1]

Public Engagements and Affiliations

Stenger is an active participant in the European blockchain ecosystem and a frequent speaker at major financial and technology conferences, including the Point Zero Forum and the GFTN Public-Private Roundtables, where he discusses topics such as digital asset strategies and cross-border DLT infrastructure. ^{[2] [1]}​

He also contributes his expertise to regulatory and industry bodies. Stenger is a member of the consultative commission for the Autorité des Marchés Financiers (AMF), the French financial markets regulator. Additionally, he serves on the European Central Bank's "New Technologies for Wholesale settlement - Contact Group (NTW-CG)," an advisory group focused on the digital euro. ^[2] He is also a Director on the Board of Directors for Societe Generale Luxembourg. ^[15]​