Societe Generale’s EURCV gains $5.6M, second-fastest-growing euro stablecoin

While the stablecoin conversation in crypto tends to revolve around Tether and Circle’s dollar-pegged tokens, a quieter race is playing out on the other side of the Atlantic. Societe Generale’s euro stablecoin EURCV just added roughly $5.6 million to its market cap, making it the second-fastest-growing euro stablecoin by that measure. What EURCV actually is EURCV, short for EUR CoinVertible, is a euro-pegged stablecoin issued by SG Forge, the digital assets subsidiary of French banking heavyweight Societe Generale. The token launched in 2023, making it one of the first bank-issued euro digital assets to hit the market. It’s a 1:1 euro-backed electronic money token, meaning every EURCV in circulation is supposedly matched by an equivalent euro sitting in reserve. The token is deployed on both Ethereum and Solana, giving it access to two of the largest smart contract ecosystems. It also integrates with platforms like Morpho’s yield-generating vaults, which means holders can put their euro stablecoins to work in DeFi rather than letting them sit idle. EURCV carries full compliance with MiCA, the European Union’s Markets in Crypto-Assets regulation. For institutions that need to check ...