Societe Generale’s Crypto Arm Deploys Euro and Dollar Stablecoins on Uniswap, Morpho

Societe Generale’s digital asset subsidiary, SG-FORGE, has taken its euro and dollar stablecoins into decentralized finance (DeFi), opening them up to borrowing, lending and spot trading, according to a press release on Tuesday.

The move places the bank’s EURCV$1.1741 and USD CoinVertible (USDCV) on Ethereum-based protocols Morpho and Uniswap, extending SG-FORGE’s effort to distribute its stablecoins, digital tokens whose value is pegged to a real-world asset, through centralized exchanges and brokers.

By moving into DeFi, SG-FORGE allows clients to transact around the clock with assets tied to major currencies, while relying on smart contracts to handle the mechanics.

On Morpho, users can now lend and borrow EURCV and USDCV against cryptocurrencies such as BTC$113,717.80, ETH$4,178.72 and tokenized money market funds such as USTBL and EUTBL, which are regulated by the French Financial Markets Authority and invest in US T-Bills and Eurozone T-Bills.

Asset manager MEV Capital will oversee the vaults, setting rules for eligible collateral and stepping in to manage defaults if needed. More collateral types are expected over time, SG-FORGE said.

In addition, Uniswap listings will create a spot market for the bank-issued stablecoins. Market maker Flowdesk will provide liquidity, helping traders swap in and out of EURCV and USDCV without relying on traditional intermediaries.

The two are relatively small compared with market leaders. EURCV has a market cap of $66 million, according to CoinMarketCap data, compared with Circle Internet’s EURC at $260 million. USDCV has a market cap of $32.2 million, while Tether’s USDT leads with $174.8 billion.

Read more: Societe Generale Selects Bullish Europe to Debut Its USD Stablecoin