EURCV (EURCV) Reseña

What is EURCV? The short answer

What is EURCV? EUR CoinVertible is the euro stablecoin of Société Générale-FORGE, the digital-assets subsidiary of French bank Société Générale. It is a MiCA-authorised e-money token whose reserve, €169.1 million on 16 October 2026, sits 100% in cash at Société Générale itself, according to SG-FORGE's product page. That made it the second-largest euro stablecoin after EURC.

EURCV grew about 59% between May and October 2026, but most of that growth went into one place: a single Morpho lending vault on Ethereum. This page covers who issues EURCV, what backs it and how SG-FORGE checks it, who can redeem it, the freeze record, and why US readers cannot hold it.

Who issues EURCV?

Société Générale-FORGE, a French company based in Puteaux and owned by Société Générale, issues EURCV. The French regulator ACPR has authorised it as an electronic money institution since 1 July 2024, and EURCV appears on ESMA's interim MiCA register as an e-money token with that authorisation date. SG-FORGE is also a French investment firm and, since 23 October 2025, a MiCA crypto-asset service provider for custody and transfers. EURCV first launched on Ethereum in April 2023.

SG-FORGE is not itself a bank, but its parent is one of the world's systemically important banks: Société Générale sits in the Financial Stability Board's 2025 list of G-SIBs.

That is rare among euro stablecoins, but EURCV is not the only euro token from a G-SIB group. Crédit Agricole's CACEIS Bank launched EURXT on 1 July 2026 for its institutional and corporate clients. On 14 October 2026 Qivalis, a euro stablecoin venture of 37 banks including BNP Paribas and ING, said the Dutch central bank had licensed it as an e-money institution, with its token due "in the coming months", per CoinDesk.

What backs EURCV, and who checks it?

Cash in a segregated account at Société Générale. On 16 October 2026 SG-FORGE reported 169,091,433.55 EURCV in circulation and an identical reserve held 100% at Société Générale. The white paper allows other custodian banks rated at least as highly, and euro-denominated highly liquid securities, but the reserve was all cash in October 2026. The reserve is legally protected from SG-FORGE's other creditors, but it is not covered by deposit guarantee schemes.

The checking works differently from Circle's. SG-FORGE runs a "collateral test" every business day: the reserve must at least equal outstanding EURCV, with at least 30% in cash, as MiCA requires. SG-FORGE must fix a breach within five business days, and five consecutive failures would trigger liquidation and redemption of all EURCV at €1. The white paper says SG-FORGE publishes test results the next business day.

What is missing is a named outside firm. We found no third-party attestation report or accounting firm for EURCV's reserve. The reserve also exactly equals circulation, with no disclosed excess. S&P Global Ratings scores EURCV's stability 3 ("adequate"), last assigned on 5 December 2025, against 2 ("strong") for EURC, per S&P's August 2026 round-up.

Concentration is the risk worth naming. The cash sits at the parent bank, so EURCV holders carry Société Générale's credit risk and a conflict of interest that the white paper itself acknowledges.

Where did EURCV's growth come from?

Mostly from one DeFi vault. EURCV's reserve grew from €106.0 million in May 2026 to €169.1 million on 16 October 2026, about 59%. Over the same period the "Steakhouse Prime EURCV" vault on Morpho grew from about $60 million to $152.5 million, per DefiLlama's vault data, and on 16 October Morpho reported it held about 135.7 million EURCV, roughly 80% of all EURCV, paying 3.00% with most of its assets idle.

The vault's curator, Steakhouse, said in August 2026 that its rate was capped and partly supported by incentives, while borrowing rates were below 1.75% in most markets, per its market update. That yield is paid through the vault, not by EURCV itself, and Steakhouse did not say who funds the incentives.

DefiLlama shows EURCV more than doubling over the same period, but that partly reflects DefiLlama adding its Stellar and XRP Ledger supply in July 2026. Use the issuer's reserve figure for like-for-like growth. With about 22.5% of DefiLlama-tracked euro stablecoin supply, EURCV ranked second behind EURC.

Can you redeem EURCV?

EEA residents can, at par, at any time, under MiCA. You email SG-FORGE's redemption address, pass identity and sanctions checks and send your EURCV back. Payment is due "at the latest on the last Business Day of the month following the month" the checks were completed, according to the white paper. That can mean waiting several weeks. Only onboarded institutional investors can subscribe directly.

Holders outside the EEA, including UK holders, have no direct redemption right and can only contact the issuer. US residents cannot redeem at all. No fee is stated for normal redemption, though recovery measures in a crisis could include liquidity fees or daily limits.

Can SG-FORGE freeze EURCV?

Yes, and it does. The Ethereum contract, called SmartCoin, lets the issuer freeze addresses, pause transfers and even wipe the entire balance of a frozen address, and it can be upgraded.

On-chain freeze event logs on Ethereum show 26 freeze actions covering 218 addresses by 17 October 2026: 156 in 2024, 16 in 2025 and 46 in 2026, the latest on 31 August 2026, with no unfreezes and no pauses. SG-FORGE has not published who those addresses belonged to or why it froze them. Its white paper lets it blacklist addresses at its sole discretion if it suspects illegal activity.

Which blockchains is EURCV on?

Five, per the white paper version of 30 September 2026: Ethereum, Solana, the XRP Ledger, Stellar and Canton. Ethereum holds most of it.

SG-FORGE announced plans to deploy on Solana in September 2024, and Solana supply appeared from mid-2025. XRP Ledger support came on 18 February 2026 and Stellar on 10 March 2026; Canton was announced in May 2026.

Where can you buy EURCV?

On European venues, not on Coinbase, Kraken or Binance. On 16 to 17 October 2026 EURCV was listed on Bitstamp, Bullish, Bitvavo and Bit2Me, though most Bitstamp pairs showed no trades that day, and Bitpanda has offered it to retail users since October 2025, per SG-FORGE. Bullish carried most of its $22.1 million of daily volume that day, per CoinGecko. On-chain, it trades on Uniswap and sits in Morpho vaults.

Is EURCV available in the US or UK?

Not in the US. EURCV is not registered under the US Securities Act, may only be owned by "Permitted Transferees", which excludes US persons, and SG-FORGE says it is not licensed to do business in the United States.

Under the GENIUS Act, SG-FORGE would be a foreign issuer, and from 18 July 2028 US platforms could offer such coins only if the Treasury finds the issuer's home regime comparable and the issuer registers with the OCC, and no such comparability determination had been made by October 2026. In the UK, Bitpanda says its EURCV DeFi features are not available to UK users, and UK holders have no direct redemption right.

EURCV vs EURC

EURCV's case is its parent, a G-SIB bank holding the cash. EURC's case is disclosure, speed of redemption and reach.

How is EURCV taxed in the US?

US persons cannot own EURCV, so this is largely moot. For reference, the IRS treats digital assets, including stablecoins, as property, per the IRS digital assets page. Your gains are measured in dollars, so EUR/USD moves alone can create gains or losses.

Who should use EURCV?

EURCV suits European institutions and DeFi users who want a euro token whose cash sits at a large French bank, and who can live with slower redemption and no third-party reserve report. For most others, EURC offers more disclosure and liquidity. Compare the euro coins on our stablecoin hub, or read what a stablecoin is first.

Sources

1. Société Générale-FORGE, CoinVertible product page (reserve data as of 2026-10-16) and EURCV white paper v2.2, 2026-09-30. Accessed 2026-10-17.
2. Société Générale-FORGE, announcements on XRP Ledger (2026-02-18), Stellar (2026-03-10), Canton (2026-05-13) and Bitpanda DeFi (2025-10-14). Accessed 2026-10-17.
3. CACEIS, Crédit Agricole launches EURXT, 2026-07-01. Accessed 2026-10-17.
4. Blockscout, EURCV token data and freeze event logs; Sourcify, SmartCoin contract source. Accessed 2026-10-17.
5. ESMA, interim MiCA register (e-money tokens and CASPs). Accessed 2026-10-17.
6. Financial Stability Board, 2025 list of global systemically important banks, 2025-11-27. Accessed 2026-10-17.
7. DefiLlama, EURCV supply and chains; CoinGecko, EURCV market data, 2026-10-16. Accessed 2026-10-17.
8. DefiLlama, Steakhouse Prime EURCV vault history; Morpho API vault data, 2026-10-16. Accessed 2026-10-17.
9. S&P Global Ratings, stablecoin stability assessments round-up, 2026-08-04; Steakhouse Financial, DeFi markets update, 2026-08-04; CoinDesk, Qivalis licensed, 2026-10-14. Accessed 2026-10-17.
10. Exchange market data: Bitstamp, Bitvavo, Kraken, Coinbase, Bit2Me, Binance, 2026-10-16. Accessed 2026-10-17.
11. US Government Publishing Office, GENIUS Act; IRS, digital assets. Accessed 2026-10-17.
12. Société Générale-FORGE, plan to deploy EURCV on Solana, 2024-09-20. Accessed 2026-10-17.
13. Circle, EURC examination report, August 2026 (Deloitte & Touche LLP), MiCA redemption policy and EURC contract addresses; Kraken, licensing page. Accessed 2026-10-16.