A Euro Pegged Stablecoin by SG‑FORGE, EUR CoinVertible (EURCV)

Oh la la!

EUR CoinVertible (ticker: EURCV) was launched in April 2023 by SG‑FORGE, the digital‑assets subsidiary of the French banking giant Société Générale. This makes EURCV one of the first euro‑denominated stablecoins issued by a fully regulated financial institution, specifically targeting institutional and corporate clients, initially via whitelisting and KYC processes  .

https://sgforge.com/product/coinvertible/

EURCV is crafted to bridge the gap between traditional capital markets and the decentralized digital‑assets ecosystem. It supports a range of institutional use cases such as on‑chain settlement, corporate treasury management, cash pooling, collateral funding, and margin optimization—bringing familiar financial tools onto the blockchain.

EURCV operates as an ERC‑20 token on the Ethereum public blockchain. The smart contract is fully open source under Apache 2.0, audited by PwC, and integrates with SocGen’s open source CAST framework, ensuring interoperability with existing financial infrastructure  .

Collateral & Financial Structure

  • EURCV is a fiat collateralized stablecoin, backed 100% by euro cash or equivalent assets held in segregated accounts.
  • Reserve assets are kept with Société Générale (rated A/Stable/A‑1) or other custodians with at least A rating and high liquidity  .
  • According to S&P, as of December 22, 2024, circulating supply stood at €39.7 million, fully backed by equivalent reserves  .

MiCA Compliance & Distribution

  • SG‑FORGE restructured EURCV on July 1, 2024 to comply with the European MiCA regulation, transforming it into an Electronic Money Token (EMT). This enabled free transferability and removed prior whitelisting constraints, permitting broader institutional and (regulated) retail access within Europe .
  • SG‑FORGE is licensed as both an Electronic Money Institution (EMI) under ACPR supervision and a Digital Asset Service Provider (DASP) under AMF regulation .

Market Adoption & Liquidity:

  • Bitstamp, a regulated Luxembourg based crypto exchange, became the first platform to list EURCV in December 2023, offering trading pairs like EURCV/EUR and EURCV/USDT, initially under whitelisting before full listing as liquidity developed  .
  • In July 2024, SG FORGE partnered with liquidity providers like Wintermute and Flowdesk to improve market depth, reduce volatility, and enable smoother trading flows.

Recent Expansion & Technical Evolution

  • SG FORGE began deploying EURCV on additional blockchains beyond Ethereum. In early 2025, it launched on Stellar, enhancing cross border payment use cases via lower fees and faster settlement, and unlocking connectivity to Stellar’s decentralized finance ecosystem.
  • Further plans include deployment on Solana, XRP Ledger, and Stellar to support multi‑chain access and broader institutional adoption.

Ratings & Risk Assessment

  • In January 2025, S&P Global gave EURCV a Stablecoin Stability Assessment score of 3 (Adequate), while assigning an Asset Assessment score of 2 (Strong). Strengths include fully segregated fiat reserves in euro deposits; challenges include a short track record and limited secondary market liquidity so far.
  • As market depth increases and transparency evolves, the stability rating may improve—though further credibility will rely on improved audit mechanisms and reserve diversity.

Why EURCV Matters:

  • A regulated, institutional grade euro stablecoin: EURCV brings the credibility and structure of a major bank into the digital asset space.
  • Bridges capital markets and crypto: Allows established institutions to operate in an on‑chain environment with familiar financial tools.
  • MiCA compliance from day one: Designed to meet evolving EU standards, providing transparency, security, and regulated pathways.
  • Future proofed via multi chain architecture: Deployment across multiple public blockchains enhances usability for cross‑border transactions and DeFi integration.

Looking ahead, SG FORGE plans to expand multi chain deployment (Ethereum, Stellar, Solana, XRP Ledger), improve liquidity provision, and extend access to qualified retail users within Europe. The upcoming USD CoinVertible (USDCV) launch, pegged to the U.S. dollar and slated for launch in mid 2025, signals broader ambition to establish a suite of regulated, institutional stablecoins for major currencies .

EUR CoinVertible (EURCV) is a pioneering euro pegged stablecoin backed by euro collateral and issued by a major regulated bank. Built with institutional trust and regulatory compliance, it is transforming how traditional finance engages with blockchain. While still growing in liquidity and distribution, EURCV marks a meaningful step toward institutional stablecoins and the integration of legacy finance into the digital economy.