Societe Generale’s Crypto Arm Brings Euro and Dollar Stablecoins to DeFi via Ethereum

Societe Generale’s digital assets unit SG-FORGE has taken its euro- and dollar-denominated stablecoins deeper into decentralized finance (DeFi), deploying them on Ethereum-based protocols Morpho and Uniswap.

This move opens up EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) to borrowing, lending and spot trading in a fully onchain environment, the company announced Tuesday.

It marks a shift from SG-FORGE’s previous focus on centralized platforms and aligns the bank’s regulated assets with the broader DeFi infrastructure.

SG-FORGE Stablecoins go live on the Morpho Lending Protocol

On Morpho, users can now borrow or lend bank-issued stablecoins against major cryptocurrencies, including Bitcoin, Ethereum and tokenized money market funds such as USTBL and EUTBL, which invest in US and Eurozone government bonds.

These funds are regulated by the French Financial Markets Authority.

MEV Capital will act as trustee of the Morpho vaults and oversee collateral suitability, capital allocation and risk management. SG-FORGE stated that the list of eligible assets will expand over time.

Meanwhile, Uniswap will provide spot trading for both stablecoins. Flowdesk, a market making company already working with SG-FORGE, will provide liquidity to the pools, ensuring smooth trading activity without dependence on traditional intermediaries.

SG-FORGE’s entry into DeFi reflects a broader effort to enable 24/7 access to financial instruments through regulated, blockchain-based infrastructure.

By embedding its stablecoins directly into smart contract-based protocols, the company removes many of the limitations associated with traditional banking systems.

Although SG-FORGE’s stablecoins are still relatively small in scale, with EURCV having a market capitalization of $66 million and USDCV around $32 million, they indicate a growing interest from institutional players in deploying real assets in permissionless financing.

By comparison, Circle’s EURC stands at $260 million, and Tether’s USDT leads the stablecoin market with $174.8 billion in circulation.

Societe Generale is one of the few global banks to issue and actively deploy its own stablecoins, and the company is now exploring their potential role in DeFi ecosystems.

With the Ethereum implementations, SG-FORGE offers customers new opportunities to access digital finance while maintaining ties to regulated assets, an approach that combines traditional financial supervision with blockchain-native functionality.

Visa pilots Stablecoin payments to unlock global transfers

As reported, Visa has also started testing a new stablecoin-based system to improve cross-border payments, allowing businesses to avoid pre-funding local accounts.

The pilot, powered by Visa Direct, reflects the growing momentum behind digital tokens in the financial sector.

This move comes after the passage of the US GENIUS Act, which clarified the legal framework for stablecoin issuers and strengthened institutional trust.

Visa has not yet named its pilot partners, but plans to expand the program in 2026 to target banks, money transfer companies and financial institutions.

By using stablecoins, Visa aims to accelerate transactions and reduce the need for dormant capital in multiple currencies.

Meanwhile, Visa’s head of crypto, Cuy Sheffield, expects traditional payments and digital assets to converge.

Industry estimates put the stablecoin market at approximately $269 billion, up 62% in the past year, with predictions suggesting it could rise to $2 trillion within three years.

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