Key highlights:
SG-Forge launches euro- and dollar-backed stablecoins on Ethereum’s Morpho.
SG-FORGE has also taken its stablecoins into spot trading on Uniswap.
The bank aims to bridge traditional finance with blockchain-based solutions.
French banking giant, Societe Generale’s digital asset subsidiary, SG-FORGE, is rolling out its euro- and dollar-backed stablecoins on Ethereum’s Morpho and Uniswap protocols.
SG-Forge, also known to be Europe’s one of the largest financial services institutions, seems to go beyond centralized exchanges, where the stablecoins were first listed. SG-Forge’s latest step aims to bring regulated bank-issued assets into lending, borrowing, and spot trading across DeFi markets. SG-FORGE said the expansion is aimed at clients seeking to use stable, regulated digital assets in financial operations around the clock.
SG-Forge Rolls Out Stablecoin Trading on Uniswap
Apart from lending and borrowing, SG-FORGE has also taken its stablecoins into spot trading. Both EURCV and USDCV are now available on Uniswap, Ethereum’s leading decentralized exchange. Flowdesk, already a partner of SG-FORGE, will act as market maker, ensuring liquidity for the new pools.
The integration will also help SG-FORGE’s stablecoins to circulate in an open, permissionless environment.
SG-Forge Will Lend and Borrow Stablecoin via Morpho
On Morpho, vaults have been opened for EUR CoinVertible (EURCV) and USD CoinVertible (USDCV). Users can now lend or borrow these stablecoins against collateral that includes bitcoin, ether, and tokenized money market funds such as USTBL and EUTBL. The funds, issued by fintech firm Spiko, track U.S. and Eurozone treasury bills and are regulated by French authorities.
MEV Capital has been appointed as curator to control the new Morpho vaults. Its role includes supervising the list of eligible collateral, allocating capital, and stepping in as risk manager of last resort in the event of defaults. SG-FORGE said the range of eligible assets is expected to broaden over time.
SG-FORGE’s expansion highlights the bank’s effort to bridge traditional finance with blockchain-based solutions. By embedding regulated stablecoins into DeFi protocols, the firm seeks to blend the oversight of mainstream banking with the flexibility of blockchain-native systems.
“These deployments demonstrate SG-FORGE’s innovative approach, offering clients a robust and compliant way to access new technologies while leveraging Societe Generale’s long-standing financial expertise,” the company said in its press release.
Even as the scale of SG-FORGE’s stablecoins remains small compared to market leaders, their incorporation into DeFi symbolizes growing institutional interest in blockchain-centric finance. The move comes at a time when global firms, from Visa to fintech players, are increasingly considering stablecoins as tools for payments, liquidity, and cross-border settlement.
SG-FORGE’s EURCV now has a market cap of about $66 million, while its USDCV stands at roughly $32 million.
On the other hand, Circle’s euro-denominated stablecoin, EURC, has a market cap near $260 million, and Tether’s USDT leads the market with over $174 billion in circulation. The overall stablecoin market is valued at nearly $269 billion. This figure is up more than 60% over the past year, with forecasts hinting it could reach $2 trillion within three years.
The French banking giant’s move into stablecoins could set a precedent for other countries, especially as some remain skeptical about these cryptos. In Canada, for example, the Bank of Canada has emphasized that stablecoins are likely to become part of everyday financial life, but they will need stronger laws for consumer safety.
Deputy Governor Carolyn Rogers highlighted this week the growing role of stablecoins, crypto designed to maintain a stable value, often pegged to fiat currencies like the US or Canadian dollar. She stressed the need for clear “guardrails” to prevent these digital tokens from creating risks for households, businesses, or the overall financial system.
Also Read: Tether to Launch USDT on RGB, Bringing Stablecoins to Bitcoin and Lightning
