Societe Generale is Launching Euro and Dollar Stablecoins

Societe Generale Takes Innovative Steps

Societe Generale's digital assets subsidiary, SG-FORGE, has integrated Euro and Dollar stablecoins into Ethereum-based decentralized finance (DeFi) platforms. This development expands SG-FORGE's EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoins to offer lending, borrowing, and instant trading opportunities.

Backed by high security standards, this move allows users to transact with major currency-denominated assets 24 hours a day. Platforms include Morpho and Uniswap. A Morpho user can now lend and borrow using EURCV and USDCV with collateral such as cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), and tokenized money market funds that invest in US Treasury Bills and Eurozone Treasury Bills.

Asset manager MEV Capital will be responsible for managing the asset pools in this process. In addition to setting eligible collateral rules, they will step in when collateral is not repaid. SG-FORGE plans to add more collateral types over time.

On the other hand, listings on Uniswap will create a direct market for bank-issued stablecoins. Market maker Flowdesk will provide liquidity, helping investors conduct EURCV and USDCV transactions without the need for traditional intermediaries.

However, EURCV and USDCV remain smaller compared to market leaders in terms of market capitalization. While EURCV's market cap is $66 million, Circle Internet's EURC was recorded at $260 million. USDCV's market cap is determined to be $32.2 million, while Tether's USDT maintains its leading position in the sector with $174.8 billion.