EUR CoinVertible (EURCV) is a euro-denominated stablecoin issued by SG-FORGE, the digital assets subsidiary of French banking group Société Générale. It was introduced on Ethereum in 2023 and drew attention as a digital asset issued directly by a traditional financial institution.
EURCV aims to keep a 1:1 value with the euro. Its issuance by an affiliate of a globally systemically important bank sets it apart from many other stablecoins.
EURCV is designed to be fully backed by cash and cash equivalents, with holders able to redeem tokens 1:1 through the issuer. SG-FORGE presents the token as an e-money token under the EU MiCA framework.
Tokens are minted and burned via smart contracts on public blockchains, enabling fast payments and settlement. Key use cases include on-chain payments for institutional clients and settlement of tokenized asset transactions.
Data provided by CoinGecko
EURCV has no fixed supply; it expands and contracts as tokens are issued and redeemed based on demand. In 2026 its circulation was reported in the range of 100 million euros or more, making it widely cited as the second-largest euro stablecoin after Circle's EURC.
Beyond Ethereum, it circulates on Solana and Stellar, and it launched on the XRP Ledger in February 2026. Institutional adoption has also been reported, including use by French public investment bank Bpifrance.
Commonly cited strengths include the credibility of a major bank, MiCA compliance, and its focus on demand for euro-based on-chain settlement. Support for multiple blockchains has also broadened its potential reach.
On the other hand, its circulation and liquidity remain small compared with dollar stablecoins, and it relies on trust in a centralized issuer and its reserve management. Regulatory changes, smart contract risks, and the possibility of a depeg are also worth considering.
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