Societe Generale-FORGE has expanded the reach of its euro-pegged stablecoin, EUR CoinVertible (EURCV), by deploying it on the Stellar blockchain. This multichain move, first announced in 2025, follows a recent deployment on the XRP Ledger and the token’s initial 2023 launch on Ethereum. The MiCA-compliant stablecoin, backed one-to-one by reserves, aims to broaden its use in digital asset markets and was recently used in a SWIFT pilot for settling tokenized bonds.
Societe Generale-FORGE, the crypto division of French bank Societe Generale, has deployed its euro-denominated stablecoin on the Stellar blockchain. This completes a multichain expansion for the token, known as EUR CoinVertible (EURCV), which is designed to comply with the European Union’s Markets in Crypto-Assets (MiCA) framework.
The company stated the Stellar deployment is intended to broaden the stablecoin’s use across blockchain-based financial applications. SG-FORGE said Stellar offers high transaction throughput, low fees, and built-in support for tokenized assets.
The stablecoin was first launched on Ethereum in April 2023 and is fully backed by reserves on a one-to-one basis. It has a current market capitalization of around $452 million, according to DefiLlama data.
This development comes weeks after SG-FORGE deployed EUR CoinVertible on the XRP Ledger. In January, the stablecoin was used by global banking network SWIFT in a pilot demonstrating the exchange and settlement of tokenized bonds.
Despite growing interest, the stablecoin market remains dominated by U.S. dollar-backed assets like Tether’s USDT and Circle’s USDC. Adoption accelerated in the U.S. after the GENIUS Act passed in July 2025, providing regulatory clarity.
Meanwhile, Europe’s MiCA framework introduced new rules for stablecoin issuers in June 2024. This prompted several exchanges to restrict support for unauthorized stablecoins, and Tether decided to discontinue its euro-pegged stablecoin EURT.
In November, European Central Bank officials warned that the growth of U.S. dollar-backed stablecoins could weaken Europe’s monetary sovereignty. Total stablecoin market capitalization has climbed from around $260 billion in July 2025 to over $314 billion today.
