Societe Generale Expands Euro Stablecoin to Stellar as MiCA Race Heats Up

Societe Generale-FORGE, the digital asset arm of French banking giant Societe Generale, has deployed its EUR CoinVertible (EURCV) stablecoin on the Stellar network - the latest move in a multichain push that now spans four major blockchains.

Key Takeaways

SG-FORGE launched its euro stablecoin EURCV on the Stellar network on March 10, 2026
EURCV now operates across four blockchains: Ethereum, Solana, Stellar, and XRP Ledger
Market cap sits at approximately $452 million; fully backed by fiat deposits and liquid assets

The deployment, which went live on March 10, 2026, adds Stellar to a roster that already includes Ethereum, Solana, and the XRP Ledger. The expansion was first signaled in February 2025, when SG-FORGE outlined plans to broaden the token’s reach beyond its original Ethereum home.

EURCV holds the distinction of being the first euro stablecoin issued by a bank to comply with the EU’s Markets in Crypto-Assets regulation. As of this month, the token carries a market capitalization of roughly $452 million – a sharp climb from the €65.8 million recorded in early 2026 – with a circulating supply of just under 52 million tokens. Daily trading volume remains modest at an estimated $376,000.

Why Stellar

The choice of Stellar was deliberate. The network’s ability to process thousands of transactions per second, combined with sub-cent transaction fees, makes it well-suited for cross-border payments and high-volume institutional flows. Its native decentralized exchange functionality also enables on-chain trading without additional infrastructure. For SG-FORGE, whose clientele sits squarely in the institutional space, Stellar’s existing base of asset managers and financial firms was an added draw.

Denelle Dixon, CEO of the Stellar Development Foundation, said the launch marks a meaningful step forward for digital payments infrastructure, particularly for businesses moving value across borders. Guillaume Chatain, Chief Revenue Officer at SG-FORGE, framed it as a bridging moment between traditional finance and the digital asset ecosystem.

MiCA’s Winners – and a Dissenting View

The backdrop is a European stablecoin market undergoing rapid consolidation. Since MiCA took effect, non-compliant issuers have faced mounting pressure to either restructure or exit the market. Industry observers now point to EURCV and Circle’s EURC as the two dominant euro-pegged tokens positioned to absorb that fallout. Analysts project MiCA-compliant instruments will capture upwards of 90% of European market share as the regulatory squeeze tightens.

Not everyone is sanguine about the framework’s design. Tether’s chief executive has raised concerns that MiCA’s requirement for issuers to hold at least 60% of reserves in cash at commercial banks could introduce systemic risk – particularly if those banks encounter liquidity stress. It’s a structural criticism that has yet to find much traction with regulators, but one that may gain relevance as stablecoin volumes grow.

For now, SG-FORGE’s multichain build-out positions EURCV as the broadest-reaching regulated euro stablecoin in circulation. Whether institutional adoption follows at scale — particularly in stablecoin-settled tokenized asset markets – will determine whether the infrastructure investment translates into meaningful transaction volume.