Societe Generale’s Crypto Arm Deploys Euro and Dollar Stablecoins on Uniswap, Morpho
Société Générale’s crypto division, SG-FORGE, has taken a major step in expanding its regulated digital assets into decentralized finance. The bank’s euro- and dollar-pegged tokens, EURCV and USDCV, are now listed on Ethereum’s Uniswap, giving traders and liquidity providers direct access to these compliant stablecoins. In addition, both tokens have been integrated with lending protocol Morpho, enabling users to borrow and lend them within a trusted on-chain environment.
This marks the first significant DeFi rollout for Société Générale’s tokens, signaling a shift from limited use on centralized venues to broader, permissionless markets. By entering decentralized exchanges and lending pools, SG-FORGE is bridging institutional-grade assets with open finance. The move highlights growing momentum for regulated stablecoins as a foundation for compliant liquidity in the DeFi ecosystem.
Why Societe Generale stablecoins on Uniswap and Morpho matters
SG-FORGE’s move brings bank-issued, MiCA-compliant e-money tokens into permissionless rails. On Uniswap, Flowdesk will quote two-sided markets in EURCV/USDCV pairs; on Morpho, users can supply or borrow these stablecoins against BTC/ETH and AMF-approved tokenized MMFs (USTBL/EUTBL). For institutions, this combines regulated issuance with 24/7 market access and programmable settlement. CoinDesk+1
Token design and compliance
EURCV (launched 2023) and USDCV (announced June 2025) are Electronic-Money Tokens (EMT) under MiCA; USDCV reserves are held at BNY Mellon. SG-FORGE discloses collateral composition daily, aligning with e-money and transparency requirements.
Market size & liquidity picture
While dwarfed by dollar leaders, the bank’s coins are growing: EURCV ≈ $66M cap; USDCV ≈ $32.2M. By contrast, USDT ≈ $174–175B outstanding. Liquidity on Uniswap is supported by Flowdesk, with centralized listings (e.g., Bullish Europe) building fiat on/off-ramps.
Collateral and vaults on Morpho
Morpho enables curated vaults with role-based governance and optional access controls. For the SG-FORGE rollout, MEV Capital curates the vaults, sets collateral rules, and handles default procedures where needed initial collateral spans BTC/ETH and tokenized T-bill funds USTBL/EUTBL.
<section id=”howto”> <h3>How to tap DeFi liquidity with SG-FORGE stablecoins</h3> <ol> <li id=”step1″><strong>Step 1:</strong> Set up a Web3 wallet and fund it with ETH for gas (Ethereum mainnet).</li> <li id=”step2″><strong>Step 2:</strong> On Uniswap, find verified EURCV/USDCV pools to swap in/out of the tokens; review pool fees/liquidity.</li> <li id=”step3″><strong>Step 3:</strong> For lending, go to Morpho and choose a MEV Capital–curated vault that accepts your collateral (e.g., BTC, ETH, USTBL/EUTBL).</li> <li id=”step4″><strong>Step 4:</strong> Supply collateral and borrow EURCV or USDCV within vault loan-to-value and liquidation parameters.</li> <li id=”step5″><strong>Step 5:</strong> Monitor health factors and interest accruals; repay or adjust collateral as markets move.</li> </ol> <p><em>Note: Process may vary by provider/jurisdiction. Confirm token allowlisting, KYC, and venue eligibility before acting.</em></p> </section>
Risks when using Societe Generale stablecoins on Uniswap and Morpho
Smart-contract risk (DEX/vault logic), liquidity depth in early pools, collateral volatility, and venue/regional eligibility all apply. Review each pool/vault’s parameters, curator, and any allowlisting requirements before using capital.
Context & Analysis
Traditional banks are testing DeFi distribution for regulated tokens. By pairing MiCA EMTs with noncustodial markets, SG-FORGE probes whether bank-grade compliance can coexist with open liquidity. Key watch-items: on-chain volumes versus centralized venues, spreads and depth that Flowdesk can maintain, and institutional comfort with tokenized MMF collateral (USTBL/EUTBL) under AMF oversight. Success could nudge other EMT issuers to DeFi rails; conversely, thin liquidity or complex onboarding could slow adoption.
Conclusion
SG-FORGE’s move into DeFi broadens the role of regulated stablecoins across both spot trading and credit markets. By extending its euro and dollar tokens into lending pools and decentralized exchanges, the bank is positioning its electronic money tokens (EMTs) as reliable instruments for compliant on-chain activity.
If liquidity and collateral frameworks remain stable, these EMTs could evolve into standard building blocks for on-chain foreign exchange, payments, and treasury management. Key factors to monitor include Uniswap pool depth, borrowing rates and utilization on Morpho, and whether SG-FORGE expands to additional collateral sets or blockchain networks.
FAQs
Q : What changed with today’s launch?
A : SG-FORGE enabled Uniswap trading and Morpho lending/borrowing for EURCV and USDCV, expanding access beyond centralized exchanges.
Q : Are these tokens regulated?
A : Yes. SG-FORGE issues MiCA e-money tokens (EMT). USDCV reserves are with BNY Mellon; transparency is published by SG-FORGE.
Q : What collateral can I use on Morpho?
A : Initially major crypto (e.g., BTC/ETH) and AMF-approved tokenized MMFs USTBL/EUTBL.
Q : How big are these stablecoins?
A : Approx. EURCV $66M and USDCV $32.2M market caps; far smaller than USDT ≈ $174–175B.
Q : Is U.S. access available?
A : Access depends on venue eligibility and issuer policies; SG-FORGE has emphasized EU compliance under MiCA. Check each platform’s terms.
Q : Does this affect gas fees or settlement?
A : No change to Ethereum fees; benefit is 24/7 programmable settlement with bank-issued tokens.
Q : Where can I learn more?
A : See the issuer’s product page and today’s coverage.