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EURCV: A Euro Coin Issued by Société Générale Under EU Rules
A bank-issued euro stablecoin under MiCA
EUR CoinVertible (EURCV) is a euro stablecoin issued by SG-FORGE, the digital-asset arm of French bank Société Générale, built on the promise of one euro per coin. It started on Ethereum in 2023 and since 2024 has operated as an e-money token under Europe’s MiCA crypto rules.
1. A euro coin issued by a bank
SG-FORGE is a subsidiary Société Générale set up for crypto-asset business, and it issues EURCV and its dollar sibling USDCV. EURCV first appeared on Ethereum in April 2023, in a restricted form open only to approved institutions. It drew attention as a euro stablecoin (a coin meant to stay at one euro) issued by a major bank.
On the Crypto Nation map, EURCV stands in Ethereum City, because it was first issued on Ethereum. In 2024 it expanded to Solana, aiming for one coin worth the same across several blockchains.
2. How one euro is backed
EURCV is an e-money token (EMT) under MiCA. MiCA requires such coins to keep reserves equal to what is issued in safe assets, let holders redeem at face value at any time, and pay no interest. SG-FORGE holds an e-money institution licence from France’s regulator ACPR and says it discloses collateral composition and valuation daily.
SG-FORGE says it offers instant 24/7 conversion between fiat and the coin. As an ERC-20 token (Ethereum’s standard format), it works in Ethereum wallets and smart contracts, pitched as handy for payments and collateral.
3. Uses and milestones
EURCV aims at settlement, collateral and fund transfers for institutions and financial firms rather than small personal trades. Circle’s euro coin EURC competes in the same field.
MiCA’s stablecoin rules applied from 30 June 2024. Key dates: the Ethereum launch in April 2023, the 2024 switch to an e-money token under MiCA along with the Solana expansion, and the dollar version USDCV in 2025. Several European banks have said they plan a joint euro stablecoin in the second half of 2026, while Société Générale is reported to stay out and keep its own coins.
4. Things to know
US persons may not hold EURCV, and its terms let only ‘permitted transferees’ own it, so it is not a freely held coin. MiCA bans interest on this type of coin, so holding pays nothing, and e-money tokens are not deposits covered by deposit guarantees. The market is smaller than for dollar stablecoins, and liquidity may be limited.
Its value rests on the reserve management and credit of one financial group, and if reserves sit in bank deposits, those banks matter too; trouble at SG-FORGE could delay redemption. Transfer-limiting features make it far from decentralized money. Rules and product structure can change, so check official notices.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.