EUR CoinVertible (EURCV)

Overview

EUR CoinVertible, or EURCV, is a euro-denominated stablecoin issued by Société Générale–FORGE (SG-FORGE), the digital-assets subsidiary of French banking group Société Générale. Each token represents a claim designed around a value of one euro. EURCV lets people and businesses hold and move euro-denominated value on a blockchain, where it can be used alongside other digital assets. Under the European Union’s Markets in Crypto-Assets regulation, known as MiCA, EURCV is classified as an e-money token. (sgforge.com)

The idea is simple: a token can act as the cash side of a blockchain transaction. A firm receiving a tokenized bond, for example, may want to pay for it with a euro-denominated asset on the same type of infrastructure. EURCV was developed for uses like settlement and cash management, then expanded to exchanges, wallets and decentralized finance applications. (sgforge.com)

History & Team

From institutional settlement to broader access

SG-FORGE launched EURCV on the public Ethereum blockchain in April 2023. Its first focus was institutional clients, including firms that needed an on-chain asset for settling transactions or managing cash. SG-FORGE built the project within its wider work on tokenized financial products and the CAST framework, which helps connect blockchain systems with established financial processes. Jean-Marc Stenger is SG-FORGE’s chief executive. (sgforge.com)

The token changed as European rules developed. In July 2024, SG-FORGE updated EURCV for MiCA’s e-money-token framework and removed the earlier requirement that receiving addresses be whitelisted. This made transfers more open and supported wider distribution. EURCV later expanded beyond Ethereum. Its deployment on Solana was followed by launches on the XRP Ledger and Stellar; SG-FORGE confirmed that Stellar was live in March 2026. The issuer has also described plans to use CoinVertible on the Canton Network for institutional settlement. (sgforge.com)

Technology & How It Works

Issuance, transfer and redemption

EURCV begins when an approved purchaser completes SG-FORGE’s onboarding process and provides the agreed funds. Once the issuer confirms receipt, it creates, or mints, the corresponding tokens and sends them to a blockchain address. Only SG-FORGE can mint or destroy EURCV. A holder can then sign a transaction with a wallet’s private key to send tokens to another address. The blockchain records the transfer. (sgforge.com)

Redemption runs in the other direction. Eligible holders can request euros from the issuer in exchange for their EURCV. For residents of the European Economic Area, the token’s terms provide a right to request redemption at par value: one euro for each token. The issuer checks the request under its identity, anti-money-laundering and sanctions procedures before paying the euros. This process links the on-chain token to money held within the banking system. (sgforge.com)

Several networks, one euro-denominated asset

EURCV uses the token system of each network where it is issued. On Ethereum it follows the ERC-20 standard; on Solana it uses Token-2022. The XRP Ledger uses issued assets and trust lines, while Stellar supports EURCV as an issued asset that can interact with Soroban smart contracts. SG-FORGE’s September 2026 white paper also identifies a Canton version using that network’s token standard. These are different technical forms of the same issuer-backed, euro-denominated asset. (sgforge.com)

Network choice affects how people receive and use the token. A wallet must support the relevant chain and the correct EURCV asset. Ethereum applications may use an ERC-20 contract address, while another network identifies the asset by its issuer account and token code. The issuer publishes these identifiers so services can distinguish its tokens from others with similar names. SG-FORGE also publishes information about audits of its Ethereum, Solana and Stellar implementations. (sgforge.com)

Tokenomics & Utility

Supply follows issuance and redemption

EURCV has no fixed maximum supply or scheduled token release. New units are issued when SG-FORGE accepts a qualifying subscription, and units can be removed when they are redeemed. This approach fits its role as electronic money: the number of tokens can change with demand rather than following a mining schedule or a preset allocation to investors and developers. Holding EURCV itself does not earn interest or another payment based on how long it is held. (sgforge.com)

The backing is central to the design. Issuance proceeds go into segregated accounts, and SG-FORGE manages the assets under the rules described in its white paper. Permitted backing includes cash and eligible euro-denominated, highly liquid securities. The issuer publishes information about the backing and checks that its value supports the issued tokens. EURCV’s main utility is therefore practical: moving a euro-denominated claim between blockchain accounts and using it to settle other transactions. (sgforge.com)

Ecosystem & Use Cases

Payments and tokenized finance

For financial institutions, EURCV can serve as the payment side of a transaction involving tokenized assets. It can also support treasury transfers, cash management and payments tied to capital-markets activity. In a trial with Swift, SG-FORGE used EURCV in processes involving tokenized bonds. The work demonstrated flows such as delivery-versus-payment settlement—where payment and asset delivery are coordinated—as well as coupon payments and redemption. (sgforge.com)

In April 2026, SG-FORGE and French public investment bank Bpifrance announced an agreement covering Bpifrance’s own blockchain-related operations. The planned uses include settlement, payments, treasury activity and transactions involving digital assets. This shows how a euro stablecoin can fit into work normally handled through familiar financial institutions. (sgforge.com)

Exchanges and on-chain applications

EURCV also appears in applications built for crypto users. SG-FORGE announced deployments through partners on Uniswap, where tokens can be exchanged through smart contracts, and Morpho, where they can be used in lending and borrowing markets. Bitpanda has offered access to the token for European retail users and integrated it with its DeFi wallet. Those applications use EURCV as a euro-denominated asset, while their own features and terms determine what users can do with it. (sgforge.com)

Advantages & Challenges

EURCV combines several features that are useful for on-chain finance: a stated one-euro redemption value, a named and regulated issuer, published backing information and the ability to move across multiple blockchain ecosystems. Its role is easy to understand when a transaction needs a euro-denominated payment asset. The move from an institution-focused launch to open transfers also made it suitable for a wider range of services. (sgforge.com)

Its main challenges are practical ones. Each supported chain has different wallet requirements, asset identifiers and transaction methods. Institutions must also connect blockchain transfers to their existing payment, recordkeeping and compliance systems. Direct issuance and redemption involve checks by SG-FORGE, so those steps work differently from sending tokens between wallets. Partnerships such as the Swift trial address the larger task of making on-chain assets work smoothly with established financial infrastructure. (sgforge.com)

Where to Buy & Wallets

EURCV is available on Bitstamp, Bullish, Bitvavo and Bit2Me, which SG-FORGE names as trading platforms in its September 2026 white paper. Bitpanda also offers direct retail access in Europe. Approved institutional customers can obtain newly issued EURCV from SG-FORGE after onboarding and providing euros. Platform access depends on each service’s supported countries and accounts. (sgforge.com)

EURCV can be held in a wallet that supports the specific network on which the tokens are received. Bitpanda’s DeFi Wallet is one documented option for its supported EURCV services. For other wallets, the key detail is the network: an Ethereum EURCV transfer must go to an Ethereum-compatible address, while tokens issued on Solana, the XRP Ledger or Stellar require support for those networks and their asset formats. SG-FORGE’s published identifiers provide the reference for recognizing the issuer’s token on each chain. (sgforge.com)

Regulatory & Compliance

EURCV operates in the European Union as a MiCA e-money token. SG-FORGE is licensed in France as an electronic money institution by the Autorité de contrôle prudentiel et de résolution, or ACPR. Its white paper names France as its home member state and sets out rights for EEA-resident holders to request redemption at par value. Issuance and redemption include identity, anti-money-laundering and sanctions checks. (sgforge.com)

The issuer’s terms also place restrictions on U.S. distribution and ownership. EURCV is intended for permitted transferees in permitted jurisdictions, so its availability in Europe does not mean it is available to U.S. persons. (sgforge.com)

SG-FORGE does not present EURCV as Shariah-certified. The token’s terms provide no interest simply for holding it, while its reserve rules permit certain securities and some outside applications use it for lending. Its halal status has no stated certification from the issuer; a Shariah assessment would need to consider the backing arrangements and the particular way the token is used. (sgforge.com)

Future Outlook

EURCV’s development has moved in two directions: more places to use the token and deeper links with traditional finance. Its presence on several networks gives applications different ways to build with euro-denominated digital money. At the same time, work with Swift, Bpifrance and the planned Canton initiatives focuses on settlement and financial operations. Future use will depend on how well these systems connect tokens, wallets and institutional processes in day-to-day activity. (sgforge.com)

Summary

EUR CoinVertible brings a euro-denominated claim onto blockchain networks. Issued by SG-FORGE under Europe’s e-money-token framework, it is used for transfers, trading and settlement in both institutional and crypto applications. Its place in the ecosystem is as a link between euros held in the financial system and transactions carried out on-chain. (sgforge.com)