Societe Generale’s digital asset unit, SG-FORGE, has made a significant move into decentralized finance (DeFi) by deploying its euro- and dollar-denominated stablecoins on Ethereum-based protocols Morpho and Uniswap. This strategic decision opens up new opportunities for users to borrow, lend, and trade EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) in a fully onchain environment.
The launch of these stablecoins on Ethereum via Morpho and Uniswap represents a departure from SG-FORGE’s previous focus on centralized platforms. By aligning its regulated assets with DeFi infrastructure, the bank is bridging the gap between traditional finance and the world of decentralized finance.
On Morpho, users can now borrow or lend the stablecoins against major cryptocurrencies like Bitcoin and Ethereum, as well as tokenized money market funds such as USTBL and EUTBL. These funds, which invest in U.S. and Eurozone treasury bills, are regulated by the French Financial Markets Authority. MEV Capital will play a key role in overseeing collateral eligibility and risk management for the Morpho vaults, with plans to expand the list of eligible assets over time.
Meanwhile, Uniswap will provide spot trading for both stablecoins, with Flowdesk serving as a market-making partner to ensure liquidity and efficient trading activity. SG-FORGE’s move into DeFi reflects a broader vision of enabling round-the-clock access to financial tools through regulated, blockchain-based infrastructure.
While SG-FORGE’s stablecoins are still relatively small in scale compared to industry giants like Circle’s EURC and Tether’s USDT, their deployment on Ethereum signals a growing interest from institutional players in integrating real-world assets into permissionless financial systems. Societe Generale’s status as one of the few global banks issuing its own stablecoins underscores its commitment to exploring the potential of digital assets in DeFi ecosystems.
In a similar vein, Visa has embarked on a pilot program using stablecoins to enhance cross-border payments, aiming to streamline transactions and reduce the need for pre-funding local accounts. This initiative, powered by Visa Direct, reflects the broader trend of digital tokens gaining traction in the financial sector.
As traditional payments and digital assets continue to converge, the stablecoin market is expected to reach new heights, with industry estimates projecting a potential $2 trillion valuation within the next three years. With Societe Generale and Visa leading the charge in integrating stablecoins into their respective platforms, the future of finance is poised for a significant transformation.