The crypto division of French banking giant Societe Generale, Societe Generale-FORGE, has deployed its euro-denominated stablecoin, EUR CoinVertible (EURCV), on the Stellar blockchain. This marks the latest step in the firm's multichain expansion strategy, first outlined in 2025, to broaden its blockchain-based financial infrastructure.
The EURCV stablecoin is a tokenized euro designed to be fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. It is backed one-to-one by reserves of bank deposits and high-quality liquid assets. Initially launched on Ethereum in April 2023, EURCV has since expanded to other networks including Solana and the XRP Ledger earlier this year.
The company cited Stellar's high transaction throughput, low fees, and native support for tokenized assets as key factors in the decision. Stellar's built-in decentralized exchange also makes it attractive for settlement and liquidity use cases. The integration is intended to broaden EURCV's utility across blockchain-based financial applications and tokenized asset services.
According to data from DeFiLlama, EURCV currently holds a market capitalization of approximately $452 million. Earlier this year, the stablecoin participated in a pilot with the global banking network SWIFT, demonstrating the settlement of tokenized bonds using both fiat and blockchain-based assets.
Despite the growth of regulated euro stablecoins, the global market remains overwhelmingly dominated by dollar-backed assets. Tether (USDT) holds a market cap of about $185 billion (nearly 60% of the sector), while USD Coin (USDC) accounts for roughly $78 billion. Growth in the U.S. accelerated after the passage of the GENIUS Act in July 2025, which provided regulatory clarity. Since then, the total stablecoin market cap has expanded from around $260 billion to over $314 billion.
In contrast, Europe's MiCA framework, which began taking effect in June 2024, requires stablecoin issuers to obtain an e-money license, leading several exchanges to delist non-compliant stablecoins. The European Central Bank has warned that reliance on dollar-backed stablecoins could weaken the region's monetary autonomy, creating a backdrop for regulated euro alternatives like EURCV.
