Societe Generales Forge Expands EURCV Stablecoin Support with Stellar Integration

Forge, a regulated subsidiary of Societe Generale classified as a DASP (Digital Asset Service Provider), has incorporated Stellar into its array of supported EUR CoinVertible (EURCV) stablecoins.

This token was initially launched on the Ethereum blockchain.

As a compliant ‘stablecoin’ under the MiCA (Markets in Crypto-Assets) framework, it is designed for traditional financial institutions (TradFi).

Stellar’s network capabilities, including its integrated DEX and support for asset tokenization, will enable the integration of EURCV into various financial applications and services.

Stablecoin holders will receive «direct access to collateral,» with the euro collateral held in a trust fund managed by a third party.

It’s noteworthy that Forge was included in the list of approved issuers under MiCA, alongside nine other organizations; however, Tether, the issuer of USDT with a market capitalization of $141.7 billion, was notably absent from this list.

In November, Tether ceased support for its euro-pegged stablecoin, EURT.

In the EU, the firm opted to focus on developing third-party projects in collaboration with MiCA licensed entities such as Quantoz Payments and StablR, as well as advancing its RWA platform, Hadron.

Circle, the issuer of USDC and a primary competitor to USDT, obtained the license to issue stablecoins in the EEA (European Economic Area) back in July.

According to previous calculations by Kaiko, by November 2024, MiCA-compliant stablecoins are expected to capture an unprecedented market share of 91%.