Why Did Société Générale-FORGE Add Stellar?
Société Générale-FORGE has deployed its euro-denominated stablecoin EUR CoinVertible (EURCV) on the Stellar blockchain, completing a multichain rollout first announced in 2025. The move adds Stellar as another settlement layer for the token, which is designed to operate within regulated digital asset markets.
EURCV represents a tokenized euro issued by the French banking group’s crypto subsidiary and structured to comply with the European Union’s Markets in Crypto-Assets (MiCA) framework. The company said the Stellar integration is intended to broaden the stablecoin’s use across blockchain-based financial applications and tokenized asset services.
Stellar’s infrastructure was cited as a factor in the decision, with the network offering high transaction throughput, low fees, and native support for tokenized assets. Its built-in decentralized exchange also allows users to trade digital assets directly onchain, making it attractive for settlement and liquidity use cases.
Investor Takeaway
How EURCV Has Expanded Across Blockchains
EUR CoinVertible first launched on Ethereum in April 2023 as one of the earliest stablecoins issued by a major European bank. The token is backed one-to-one by reserves consisting of bank deposits and high-quality liquid assets, according to the company.
Since then, Société Générale-FORGE has been extending the token across multiple blockchain networks. Earlier this year the company deployed EURCV on the XRP Ledger, which at the time made it the third supported network after Ethereum and Solana.
The addition of Stellar continues that strategy, giving the stablecoin a wider technical footprint across public blockchain ecosystems. Multichain deployment is increasingly common among stablecoin issuers because it allows the same asset to circulate across different decentralized finance platforms, trading venues, and tokenization services.
DefiLlama data places the current market capitalization of EURCV at roughly $452 million, a relatively small figure compared with the broader stablecoin sector but notable given its origin within the traditional banking system.
Where Does EURCV Fit in the Tokenization Push?
The stablecoin has already been used in experiments involving tokenized financial assets. In January, global banking network SWIFT tested EURCV in a pilot that demonstrated how tokenized bonds could be exchanged and settled using both traditional fiat currency and blockchain-based tokens.
Such trials reflect a growing interest among financial institutions in combining digital asset infrastructure with existing capital markets workflows. Stablecoins issued by regulated institutions are often viewed as potential settlement tools for tokenized securities, collateral management, and cross-border payments.
By extending EURCV across multiple blockchains, Société Générale-FORGE is attempting to ensure the token can interact with a wider set of digital finance systems as tokenization projects expand.
Why Dollar Stablecoins Still Dominate
Despite new euro-denominated tokens entering the market, stablecoins remain overwhelmingly dollar-based. Tether’s USDT holds a market capitalization of about $185 billion, representing close to 60% of the sector, while Circle’s USDC accounts for roughly $78 billion.
Growth accelerated in the United States after the GENIUS Act passed in July 2025, giving issuers clearer rules for operating dollar-backed stablecoins. Since then, the total stablecoin market capitalization has risen from around $260 billion in July to more than $314 billion today, according to DefiLlama.
Investor Takeaway
How Regulation Is Shaping Europe’s Stablecoin Market
Europe has taken a more restrictive regulatory route. The MiCA framework, which began taking effect in June 2024, requires stablecoin issuers operating in the European Economic Area to obtain an e-money license in at least one EU member state.
Those rules forced several exchanges—including Coinbase, OKX, Bitstamp, Uphold, and Binance—to remove or limit support for stablecoins that had not secured authorization under the framework. Tether also discontinued its euro-pegged stablecoin EURT rather than pursue compliance under the new regime.
European Central Bank officials have warned that the growing use of dollar-backed stablecoins could weaken the region’s monetary autonomy by increasing reliance on digital assets denominated in US currency.
Against that backdrop, regulated euro stablecoins such as EURCV are being developed as a regional alternative, even though the market remains small compared with dollar-based tokens.