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The French banking giant Societe Generale has introduced its MiCA-compliant EUR-backed stablecoin, EUR CoinVertible (EURCV), through its crypto subsidiary Societe Generale-FORGE (SG-FORGE) within the Stellar ecosystem.
This stablecoin is supported by Euros and is issued on the Ethereum public blockchain. It is also among the first Euro stablecoins to fully comply with the EU’s Markets in Crypto-Assets (MiCA) regulations.
According to the press release, this initiative combines the regulatory assurance of MiCA with the blockchain infrastructure of Stellar. With both the expansion and regulatory adherence, the company offers a secure, scalable, and transparent product.
As a result, this initiative will create additional pathways for individuals and businesses to access the company’s stablecoin. It will also advance the development of digital assets in Europe, the team stated.
Moreover, utilizing Stellar’s technology enhances EURCV’s functionality for cross-border transactions and financial applications.
Simultaneously, this move has allowed SG-FORGE to integrate into the broader Stellar ecosystem. Consequently, EURCV has gained access to “a diverse network of financial institutions, asset managers, and traditional finance (TradFi) entities already connected to the network.”
A fully compliant Euro stablecoin powered by Stellar. The Societe Generale-FORGE EUR stablecoin has arrived! https://t.co/mfWearB6HE
— Stellar (@StellarOrg) February 20, 2025
Denelle Dixon, CEO of the Stellar Development Foundation, remarked that the launch of EURCV on Stellar is “a significant advancement in the evolution of digital payments.”
“By merging the robust blockchain technology of Stellar with a trusted MiCA-compliant stablecoin, users are provided with a more efficient way to store and transfer value across borders, facilitating the adoption of this new form of currency for individuals and businesses,” Dixon noted.
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The recent development enables EURCV to be integrated into various financial applications and services, thanks to the capabilities of the Stellar network. For instance, its built-in decentralized exchange (DEX) facilitates decentralized transactions among users across multiple cryptocurrencies, as stated in the announcement.
Regarding the choice of Stellar, the announcement indicated that the decision was based on essential technical advantages.
These advantages include support for asset tokenization, high scalability, and speed, as transactions typically complete within seconds, which is crucial for real-time financial applications.
Additionally, transaction costs are minimal, which is important for micropayments and cross-border transfers, it added.
Building on Stellar means:
access to an ecosystem that wants to see you succeed
fewer distractions, more delivery
battle-tested infrastructure that simply works
sub-penny transactions that settle instantlybuilders > hype merchants
— Stellar (@StellarOrg) February 20, 2025
“Our forthcoming integration with Stellar marks a crucial moment in connecting traditional finance with the digital asset ecosystem,” stated Guillaume Chatain, Chief Revenue Officer at SG-FORGE. “Stellar’s approach and established relationships with asset managers and TradFi institutions align perfectly with our goal of achieving broader adoption of stablecoins within the financial system.”
Meanwhile, Societe Generale-FORGE is a regulated and integrated subsidiary of the Societe Generale Group and the issuer of EURCV. It has developed an open, institutional-grade platform for digital asset trading, “backed by bank-grade security and regulatory compliance,” it states.
In late December 2024, Societe Generale completed a test repo transaction using Banque de France Central Bank Digital Currency (CBDC) on the Ethereum blockchain.
In September 2024, SG-FORGE collaborated with Bitpanda to enhance access to its stablecoin.
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