SG-FORGE launches EURCV and USDCV on Ethereum DeFi

SG‑FORGE, the digital division of Société Générale, brings its regulated stablecoins EURCV and USDCV into DeFi protocols on Ethereum. The coins are now available on Morpho for lending and borrowing, and on Uniswap for spot trading, with smart contracts ensuring continuous operation. In this context, the initiative aims to connect regulated finance and on‑chain infrastructure, offering greater transparency and traceability. Information about the launch is detailed in the official SG‑FORGE newsroom and has been covered by the specialized press SG‑FORGE newsroom and by CoinDesk, which documented the announcement of the CoinVertible dollar launch in June 2025.

According to the data collected by our editorial team, confirmed by the official communications from the issuer, deployments on Ethereum continued between June and September 2025 and received initial operational integrations on market makers and lending protocols. Industry analysts we spoke with note that direct integration on Morpho and Uniswap reduces operational on-ramps for institutional counterparties while maintaining stricter compliance controls.

What SG‑FORGE has announced

The company announced the availability of EURCV (euro) and USDCV (dollar) on DeFi protocols based on Ethereum, expanding the distribution of its assets beyond traditional exchanges and brokers. The innovation enables on‑chain lending, borrowing, and spot trading operations. 

DeFi Loans with EURCV on Morpho

On Morpho, users can now use EURCV to lend or borrow, using cryptocurrencies like BTC and ETH as collateral. Tokenized instruments are also supported, such as money market funds USTBL and EUTBL – which invest in US and Eurozone T-Bills – regulated by the French AMF.

The integration on Morpho reduces operational friction and introduces risk management guided by on-chain parameters, maintaining a collateral profile close to traditional finance. It should be noted that this favors more granular control of positions and better composability with other protocols.

Swap spot with USDCV on Uniswap

On Uniswap, trading pairs including USDCV are active, creating a permissionless spot market while remaining under the oversight of a regulated issuer. The market maker Flowdesk provides liquidity to facilitate swaps, helping to reduce slippage in the main pools.

The goal is to offer more stable prices and adequate market depth, without relying on traditional banking infrastructures. In fact, automated execution promotes a consistent experience even during periods of high activity.

How it works: operations and governance

• Lending/Borrowing (Morpho): management entrusted to smart contracts, with parameters related to collateral, LTV, and automatic liquidations.
• Market making (Uniswap): pool with USDCV and dynamic liquidity allocations managed by Flowdesk.
• Risk Management: MEV Capital operates as a vault manager, setting eligibility criteria for collateral and activating measures in case of default; openings to new assets as collateral are planned.
• 24/7 Availability: automatic on-chain execution, with immediate settlement and greater transparency.

Key Numbers

• EURCV Market Capitalization: 66 million dollars (CoinMarketCap, snapshot September 24, 2025).
• USDCV Market Capitalization: 32.2 million dollars (CoinMarketCap, snapshot September 24, 2025).
• Comparison: EURC (Circle) ~260 million; USDT (Tether) ~174.8 billion (CoinMarketCap, snapshot September 24, 2025).
• TVL/DeFi Liquidity: for updated values, refer to the official dashboards of Morpho and the pools on Uniswap analytics (snapshot September 24, 2025).

Market Impact and Context

EURCV and USDCV, while representing smaller assets compared to market leaders, expand the accessibility and composability of DeFi protocols. The adoption of tokenized collaterals could attract institutional managers with more stringent compliance requirements.

The topic of allowed lists and AML/KYC checks typical of regulated issuers remains open: greater traceability and control, with the risk of selective censorship in case of violations. That said, it is a balance that the market continues to monitor closely.

Technical Details and Guarantees

• Vault and policy: MEV Capital defines the eligibility criteria for collaterals, the liquidation thresholds, and interventions on at-risk positions.
• Tokenized money funds: USTBL and EUTBL offer exposures to US T-Bills and Eurozone, ensuring a more stable collateral and closer to traditional risk-free assets.
• On‑chain contracts: the official addresses and Etherscan pages can be accessed through the official websites of SG‑FORGE, Morpho, and Uniswap for independent verification.

Quick FAQ

Availability of EURCV and USDCV on DeFi

The stablecoins are active on Morpho (for lending/borrowing) and on Uniswap (for spot swap) with continuous operations.

How liquidity is provided on Uniswap

Flowdesk acts as a market maker, allocating capital in pools with USDCV; users can trade or use these coins as collateral when applicable.

What are the main benefits

On-chain operations ensure 24/7 availability, immediate settlement, transaction auditability, and reduced reliance on traditional intermediaries.

What are the main risks

Among the risks to consider are the smart contract risk, the management of collateral, possible restrictions related to the issuer’s whitelists, and the volatility of network fees.

Conclusion

The introduction of EURCV and USDCV on Morpho and Uniswap reaffirms the meeting between regulated stablecoins and DeFi infrastructures. We will observe their evolution in terms of TVL, liquidity, and risk parameters to assess how quickly these assets can sustainably compete with market standards.