This is an issuer and infrastructure-provider case study, not a token recommendation. Read it inside the stablecoin guide and MiCA map. Primary evidence: AMF CASP register.
Société Générale-FORGE is the group's digital-asset subsidiary and issuer of EUR CoinVertible and USD CoinVertible. The licence stack and settlement use cases below were checked against AMF, EIB, Euroclear, Société Générale and issuer records on 14 August 2026; circulating-supply figures are variable and are not treated as licensing evidence.
Seven Years of Bond Pilots
SG-FORGE grew out of Société Générale's internal startup programme — a 2018 project on blockchain for capital markets. The first deal came fast: on 18 April 2019 the mortgage vehicle Societe Generale SFH issued €100 million of covered bonds as OFH security tokens directly on Ethereum, rated Aaa/AAA by Moody's and Fitch. The bank subscribed the entire issue itself: the pilot tested legal and operational mechanics, not demand. In May 2020 a similar €40 million bond settled in an experimental digital euro of the Banque de France, and April 2021 brought a deal of a different order: the European Investment Bank's debut €100 million digital bond on Ethereum, with Goldman Sachs, Santander and Société Générale as joint lead managers, SG-FORGE running the platform and settlement, and payment once again made in Banque de France CBDC. The line never broke: structured notes on Tezos, a digital green bond, and in November 2025 the group's first US digital bond on Broadridge's platform.
By 2023 SG-FORGE had a well-drilled securities leg for DLT deals — issuing and administering tokenized bonds. The cash leg was missing: for delivery-versus-payment to happen entirely on-chain, you need a regulated cash token. That token became CoinVertible.
The Licence Stack
Legally SG-FORGE is an investment firm authorized for MiFID 2 services under ACPR supervision. A PSAN registration with the AMF followed in September 2022, and on 19 July 2023 the company became the first in France to obtain a full DASP licence: crypto custody, fiat dealing and crypto-to-crypto exchange. Stablecoins required one more status: by 1 July 2024 the ACPR had licensed SG-FORGE as an electronic money institution — under MiCA, only an EMI or a credit institution may issue e-money tokens (EMTs). The final element is the CASP authorization of 23 October 2025: crypto custody and transfers, with execution of orders added on 24 February 2026 — how that status is assembled is covered in our CASP licence guide. The parent, meanwhile, remains a systemic bank under ECB supervision; issuance sits in a separate EMI subsidiary, keeping token holders off the bank's balance sheet and the issuer's supervisory perimeter compact.
EURCV: From Whitelist to Free Float
In April 2023 SG-FORGE launched EUR CoinVertible — the first institutional stablecoin from a major bank on a public blockchain: an ERC-20 on Ethereum, restricted to institutions that had passed the bank's onboarding, with transfers allowed only between whitelisted addresses. Collateral was segregated from the issuer's balance sheet from day one and disclosed daily; the legal wrapper was the "digital asset" status under Article L. 54-10-1 of the French monetary and financial code. In December 2023 the coin listed on Bitstamp — the first time a euro stablecoin from a fully regulated bank traded on a crypto exchange.
On 1 July 2024 — right after MiCA's stablecoin title took effect — EURCV was relaunched as an EMT: whitelists removed, the token freely transferable to any wallet, Wintermute signed on as dedicated market maker. Multichain came next: Solana in autumn 2024, a Stellar deployment announced in February 2025, and on 18 February 2026 EURCV went live on the XRP Ledger using Ripple Custody. The curve points up even if the absolute numbers stay modest: 28 holders in September 2024; over 500 holders and €65.8 million by February 2026; 139.7 million EURCV outstanding as of 13 August 2026 — the world's second-largest euro stablecoin.
USDCV: A Dollar Token With Reserves at BNY
On 10 June 2025 SG-FORGE announced USD CoinVertible on Ethereum and Solana simultaneously; trading started in early July. The reserve custodian is BNY: the dollar collateral sits with the world's largest custodian bank rather than inside the group. USDCV is likewise a MiCA EMT — an EU e-money institution may issue tokens referencing non-EU currencies — it is not offered to US persons, and unlike early EURCV it targets retail alongside institutions and corporates.
About 12.4 million USDCV were outstanding as of 13 August 2026: a young coin, so the bet is on channels. On 30 September 2025 both coins entered DeFi — Morpho lending vaults curated by MEV Capital (collateral: wBTC, wstETH and tokenized money market funds including Spiko) and Uniswap pools with Flowdesk as market maker. On 15 April 2026 USDCV was embedded into MetaMask through a partnership with Consensys: fiat on-ramp via Transak, gas payable in the stablecoin via Gas Station. In May 2026 EURCV and USDCV were added to the institutional Canton Network for collateral, repo and margin workflows around tokenized assets.
Euroclear and Tokenized Commercial Paper
The June project with Euroclear extends the same logic. Together with the Banque de France, the depository is moving euro-denominated NEU CP onto DLT under Project Pythagore, settled in central bank money. For the dollar slice of that market central bank money is not available — and that is precisely where USDCV is being tested as the settlement asset for tokenized paper. SG-FORGE CEO Jean-Marc Stenger describes it as "the growing role of digital cash solutions in modernising financial market infrastructure." If the pilot reaches production, a bank-issued stablecoin will occupy a niche where it competes not with Tether for traders but with correspondent accounts — on settlement speed and round-the-clock availability.
The Competitive Field
Circle leads the euro segment: about 400 million EURC as of 13 August 2026 against EURCV's 139.7 million. The third notable player is EURAU from AllUnity — the joint venture of DWS from the Deutsche Bank group, Flow Traders and Galaxy: a BaFin EMI licence dated 1 July 2025 and a launch at the end of that month; there a G-SIB participates indirectly, through an asset manager and a JV. The Qivalis consortium — ten banks from ING to UniCredit and CaixaBank — promises a joint euro stablecoin in the second half of 2026; Société Générale, Stenger told Reuters, stayed out and keeps its own coins. JPMorgan has brought its JPMD deposit token to the public Base network — but that is a tokenized deposit for institutional clients, not an EMT; we map the difference in the guide to the four legal forms of the digital dollar. The scale check is sobering: Tether has roughly 187 billion dollars outstanding — bank coins hold fractions of a percent of the market, and their field is regulated settlement, not crypto trading.
What Follows From This
For a large capital owner, an EMT from a bank subsidiary is the most conservative way to hold on-chain liquidity in euros and dollars: a claim on a regulated French issuer redeemable at par, segregated reserves (for USDCV — in custody at BNY), daily disclosure, ACPR and AMF supervision, a G-SIB parent. The flip side is thin liquidity: daily volumes run in single-digit millions of dollars, so size moves in and out through direct issuance and redemption with the issuer after onboarding, not through an exchange order book. EMTs pay no interest — MiCA expressly prohibits it — so the yield sleeve of a treasury lives not in the stablecoin but next to it: in tokenized money market funds like those sitting in SG-FORGE's Morpho structures. The practical meaning of the Euroclear-plus-Canton combination: EURCV and USDCV balances are gradually becoming acceptable collateral and settlement assets in classical post-trade, not just a crypto-exchange feature.
For anyone sizing up their own regulated stablecoin, the case offers sober arithmetic. SG-FORGE's French route stretched over years: PSAN registration in 2022, the first DASP licence in 2023, the EMI in 2024, the CASP in 2025 — with a systemic bank's compliance resources behind it. And the licences did not solve the main problem, distribution: a banking brand creates no network effect by itself, and access to users had to be bought piece by piece — Bitstamp and Wintermute, MetaMask and Transak, Morpho, Uniswap, Ripple Custody. Tellingly, the company monetizes the reverse direction in parallel: by April 2026 it served 15 crypto firms — exchanges, brokers, wallet providers — with plain banking services; an account at a G-SIB is scarcer for a crypto business than yet another token. The costliest part is not issuance but a reason to use the coin — and SG-FORGE grows that reason out of access to settlement infrastructure that a non-bank issuer finds incomparably harder to enter.
FAQ
Can an individual buy EURCV or USDCV?
Yes. Since 1 July 2024 EURCV circulates freely without whitelists, and USDCV has been open to retail from launch — through exchanges such as Bitstamp and Bullish and via MetaMask with a Transak fiat ramp. The main restriction: USDCV is not offered to US persons. Direct issuance and redemption at par with the issuer is reserved for clients that have passed SG-FORGE's onboarding.
How does a bank-issued EMT differ from USDT?
Legally it is EU electronic money: a claim on a regulated French issuer, redeemable at par at any time, with segregated reserves, daily disclosure and ACPR/AMF supervision. USDT sits outside the MiCA perimeter and has been delisted from regulated EU venues; the price of the conservative wrapper is liquidity that is orders of magnitude lower.
Why are the volumes so small?
These are settlement instruments, not trading chips: the issuer targets treasuries, post-trade and collateral workflows — Euroclear, Canton, repo — where usage does not show up as exchange turnover. Direction matters more than level: EURCV roughly doubled from €65.8 million in February 2026 to 139.7 million tokens by 13 August 2026.
Can you earn yield on EURCV or USDCV?
Not on the token itself — MiCA prohibits paying interest on EMTs. Yield is built alongside: tokenized money market funds (in SG-FORGE's ecosystem, for example Spiko within the Morpho vaults) or DeFi lending with its risks taken knowingly.