SG-FORGE, also known as Societe Generale-FORGE, is the digital asset subsidiary of the French financial services group Societe Generale. It was established to provide institutional-grade services for issuing, managing, and transacting financial products on public blockchains, aiming to bridge traditional capital markets with the digital asset ecosystem.

Overview

Founded in 2018 and headquartered in Puteaux, France, SG-FORGE operates as a fully integrated and regulated entity within the Societe Generale group ^[1]. The company's primary mission is to facilitate the adoption of digital assets by institutional issuers and investors. It builds its services on three core principles: designing solutions that are compliant with capital market regulations from inception, ensuring seamless integration with clients' legacy systems through open-source components and industry standards like SWIFT, and maintaining a blockchain-agnostic approach to support issuance on multiple protocols ^[2].

SG-FORGE leverages the 150-year history and reputation of its parent company to offer secure and regulated digital financial instruments ^[2]. Its most prominent products are the CoinVertible stablecoins, including the EUR CoinVertible (EURCV) and USD CoinVertible (USDCV), which are designed to meet stringent European regulatory standards. The company has engaged in several landmark projects, including the issuance of the first digital bond for the European Investment Bank on a public blockchain and executing on-chain repurchase agreements with the Banque de France ^[3].

The firm's strategy involves not only creating regulated digital assets but also ensuring their deep integration into both centralized and decentralized financial ecosystems. This has led to partnerships with major exchanges, DeFi protocols, and liquidity providers to expand the accessibility and utility of its products. Jean-Marc Stenger, CEO of SG-FORGE, stated that the company is "receiving requests from all client segments, from retail to institutional," and expects "numerous integrations in the coming months, including with the largest and most well-known platforms in the DeFi market" ^[1].

History

SG-FORGE was established in 2018 as Societe Generale's dedicated digital asset subsidiary ^[1]. The company achieved its first major regulatory milestone in 2021 when it was approved as an investment firm by the French Prudential Supervision and Resolution Authority (ACPR). This was followed in 2022 by its registration as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF), France's financial markets regulator ^[4].

In April 2023, SG-FORGE launched its first major product, the EUR CoinVertible (EURCV) stablecoin, on the Ethereum public blockchain. Initially, access to EURCV was restricted to whitelisted institutional clients to ensure a controlled rollout ^[5]. A significant development occurred in July 2024, when SG-FORGE obtained an electronic money institution (EMI) license from the ACPR. This license was critical for aligning with the European Union's Markets in Crypto-Assets (MiCA) regulation, which came into effect for stablecoins on June 30, 2024. Consequently, on July 8, 2024, SG-FORGE announced that EURCV was restructured as an Electronic-Money Token (EMT) under MiCA, removing the whitelisting restrictions and enabling free transferability and wider distribution ^{[4] [6]}.

Throughout late 2024 and early 2025, SG-FORGE announced a multi-chain expansion strategy for its stablecoins, with plans to deploy on Solana, the XRP Ledger, and Stellar ^[3]. In June 2025, the company launched its second stablecoin, the USD CoinVertible (USDCV), on the Ethereum and Solana blockchains ^[7]. A major strategic push into decentralized finance (DeFi) took place on September 30, 2025, when SG-FORGE deployed both EURCV and USDCV on the Ethereum-based protocols Morpho and Uniswap ^[8]. This was followed by a series of partnerships with exchanges like Bullish, Bitpanda, and Bit2Me to increase the accessibility of its stablecoins to institutional and retail users ^[3].

Technology and Products

CoinVertible Stablecoins

The flagship products of SG-FORGE are its CoinVertible stablecoins, which are fully collateralized digital assets pegged 1:1 to their respective fiat currencies.

• EUR CoinVertible (EURCV): A Euro-pegged stablecoin launched in April 2023. It is structured as an Electronic-Money Token (EMT) to be fully compliant with the European Union's MiCA regulation. This classification allows for open distribution and use within the EU, positioning it as a regulated, bank-issued stablecoin for on-chain settlement, cross-border payments, and DeFi applications ^[4]. As of September 30, 2025, EURCV had a market capitalization of approximately $66 million ^[8].
• USD CoinVertible (USDCV): A U.S. Dollar-pegged stablecoin launched in June 2025. It is also designed to be compliant with MiCA standards for institutional and retail use. The reserves backing USDCV are held in custody by BNY Mellon ^[7]. On September 30, 2025, its market capitalization was reported to be $32.2 million ^[8].

Multi-Chain Strategy

SG-FORGE pursues a blockchain-agnostic strategy to maximize the reach and utility of its digital assets. The CoinVertible stablecoins have been deployed or are planned for deployment on several major public blockchains, including:

• Ethereum
• Solana
• Stellar
• XRP Ledger
• Tezos

This multi-chain approach is intended to ensure that its regulated stablecoins are accessible across different ecosystems within the digital asset landscape ^{[9] [10]}. Guillaume Chatain, Chief Revenue Officer at SG-FORGE, described the integration with Stellar as "a pivotal moment in bridging traditional finance with the digital asset ecosystem" ^[10].

DeFi Integration

A key component of SG-FORGE's strategy is the integration of its stablecoins into the DeFi ecosystem. In September 2025, the company made its EURCV and USDCV stablecoins available on two prominent Ethereum-based protocols:

• Morpho: A lending and borrowing protocol where users can supply CoinVertible stablecoins to earn yield or borrow them against various forms of collateral. Accepted collateral includes major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), as well as regulated, tokenized money market funds such as USTBL (U.S. T-Bills) and EUTBL (Eurozone T-Bills). The lending vaults on Morpho are managed by the asset manager MEV Capital ^[8].
• Uniswap: A leading decentralized exchange (DEX) where spot markets for EURCV and USDCV were established. The digital asset market maker Flowdesk was enlisted to provide liquidity for the trading pairs, enabling 24/7 access for swapping the stablecoins ^[1].

Sébastien Derivaux of Steakhouse Financial commented on the significance of this move, stating, "Having a Tier 1 bank integrate its stablecoins into Uniswap and Morpho is a watershed moment for DeFi" ^[1].

Other Institutional Services

Beyond stablecoins, SG-FORGE offers a range of services for institutional clients focused on the tokenization of traditional financial assets. These services include:

• Tokenized Bonds: Enabling clients to issue digital bonds registered on a blockchain.
• Tokenized Structured Products: Issuing structured products from the Societe Generale Group as digital assets on public blockchains.
• Smart Cash: A tokenized alternative to certificates of deposit designed for money market investors.

These offerings are aligned with the CAST (Compliant Architecture for Security Tokenization) open-source framework, which promotes interoperability and security for tokenized assets ^{[7] [5]}.

Regulatory Compliance and Licensing

SG-FORGE places a strong emphasis on regulatory compliance, operating under the supervision of French and European authorities. The company holds several key licenses that underpin its operations:

• Investment Firm (EI): Licensed by the French Prudential Supervision and Resolution Authority (ACPR) since 2021 to provide MiFID II investment services.
• Digital Asset Service Provider (DASP): Registered and licensed by the Autorité des Marchés Financiers (AMF) since 2022.
• Electronic Money Institution (EMI): Authorized by the ACPR since July 2024, a crucial license for issuing MiCA-compliant stablecoins.

These licenses establish SG-FORGE as one of the first entities in Europe to offer a fully MiCA-compliant stablecoin, the EURCV, structured as an Electronic-Money Token ^[4]. The company's services and products are explicitly not offered to U.S. persons, citing regulations such as Regulation S of the U.S. Securities Act of 1933 and the U.S. Commodity Exchange Act of 1936 ^[2].

Partnerships

SG-FORGE has established a wide range of partnerships across the traditional finance, digital asset, and DeFi sectors to build out its ecosystem.

Institutional and Banking

• European Investment Bank (EIB): Collaborated with SG-FORGE on the issuance of its first digital bond on a public blockchain.
• Banque de France: Successfully completed an on-chain repurchase agreement (repo) transaction.
• BNY Mellon: Serves as the reserve custodian for the USD CoinVertible (USDCV) stablecoin.
• Swift: Joined Swift's initiative to explore the integration of blockchain-based ledgers with its global financial infrastructure.
• Boerse Stuttgart Group: Partnered to settle a test transaction on the Seturion platform using the EURCV stablecoin.

Exchanges and Platforms

• Bullish Europe: Became the first exchange to list and offer the USDCV stablecoin in September 2025.
• Bitpanda: A European cryptocurrency broker that partnered with SG-FORGE to offer CoinVertible stablecoins to its retail user base of over 7 million for trading and DeFi yield generation.
• Bit2Me: A Spanish crypto platform that listed both EURCV and USDCV for its users.
• Bitstamp: A trading platform where EURCV is preferentially available.

DeFi and Liquidity

• Morpho: A DeFi lending protocol used for the deployment of EURCV and USDCV lending markets.
• Uniswap: A decentralized exchange where spot markets for CoinVertible stablecoins were created.
• MakerDAO: Engaged in a transaction where SG-FORGE borrowed DAI stablecoins to refinance a security token-based loan.
• Flowdesk: Serves as an official market maker to provide liquidity for CoinVertible stablecoins on Uniswap.
• Wintermute: Partnered with SG-FORGE to optimize liquidity, improve market depth, and reduce volatility for EURCV.
• Keyrock: A digital asset market maker that partnered with SG-FORGE to enhance liquidity for its stablecoins.

These partnerships are central to SG-FORGE's strategy of building a robust and accessible ecosystem for regulated digital assets ^{[3] [1]}.

Key Figures

• Jean-Marc Stenger: Chief Executive Officer (CEO)
• David DUROUCHOUX: Deputy CEO
• Guillaume Chatain: Chief Revenue Officer (CRO)
• Stéphane Duzan: Co-founder
• Stéphanie Cabossioras: Secretary General
• Annabelle Bernal: General Counsel

This leadership team oversees the company's strategic direction, product development, and regulatory affairs ^{[1] [10] [6]}.