SG Forge

Societe Generale-FORGE (SG-FORGE) is a fully-owned, regulated subsidiary of Societe Generale, one of Europe's largest systemic banks. Founded in 2018 and led by CEO Jean-Marc Stenger, SG-FORGE builds infrastructure for issuing and managing digital-native financial products on public blockchains. Its work spans two interconnected lines: regulated stablecoin issuance and the tokenization of traditional securities. Both operate under what SG-FORGE describes as compliance-first design, meaning products are built to satisfy capital market regulations before they deploy on-chain.

EUR CoinVertible and USD CoinVertible

SG-FORGE's flagship stablecoins are EUR CoinVertible (EURCV) and USD CoinVertible (USDCV). EURCV launched in April 2023 on the Ethereum public blockchain, initially for Societe Generale's institutional clients. As of July 1, 2024, SG-FORGE restructured EURCV to comply fully with Europe's Markets in Crypto-assets (MiCA) regulation, removing whitelisting restrictions and enabling permissionless, free transferability. That restructuring makes EURCV the first MiCA-compliant stablecoin issued by a major European bank.

The stablecoins are designed to serve three primary functions: settlement for tokenized financial products, corporate treasury management including 24/7 cross-border value transfers, and access to DeFi as an on/off-ramp. Liquidity provision for EURCV is backed by a partnership with Wintermute, which joined as a dedicated market maker after the MiCA elevation.

Since 2024, SG-FORGE has systematically expanded the networks on which its stablecoins operate. EURCV is now live on Ethereum, Solana, the XRP Ledger (February 2026), and the Stellar network (March 2026). USDCV is available through partners including Bitstamp, Bitvavo, and Bit2Me, and reached MetaMask users globally through a partnership with Consensys announced in April 2026.

Security Token Issuance and the CAST Framework

Beyond stablecoins, SG-FORGE provides infrastructure for issuing and managing tokenized debt securities. Societe Generale issued the first covered bond as a security token on a public blockchain through SG-FORGE. The firm also led the syndicate that executed the European Investment Bank's first digital bond on a public blockchain, a transaction that included Goldman Sachs among its participants.

Underpinning these issuances is an open-source standard called CAST (Compliance Architecture for Security Tokens), which SG-FORGE developed and published to establish a common technical baseline for security tokens on blockchain. CAST provides a security token implementation and the interface definitions for integrating with existing payment and settlement systems. SG-FORGE uses CAST as the standard contribution in multi-party interoperability initiatives, including its collaboration with SWIFT.

In January 2026, SG-FORGE and SWIFT completed a proof-of-concept demonstrating end-to-end exchange and settlement of tokenized bonds using both fiat and digital currencies. EURCV was used as the on-chain settlement asset, and SG-FORGE's CAST standard provided the security token component. The trial covered issuance, delivery-versus-payment settlement, coupon payments, and redemption, with SWIFT playing an orchestration role across blockchain platforms and legacy payment systems.

Regulatory Footprint

SG-FORGE holds two French regulatory licenses that position it as one of the most fully licensed crypto-asset entities in Europe. In July 2023, it was the first company licensed as a Digital Asset Service Provider (Prestataire de Services sur Actifs Numériques, PSAN) by the Autorité des marchés financiers (AMF). Ahead of the July 2024 MiCA implementation date, it obtained authorization as an Electronic Money Institution (EMI) from the Autorité de contrôle prudentiel et de résolution (ACPR), a prerequisite for issuing MiCA-compliant electronic money tokens such as EURCV at scale.

This licensing stack allows SG-FORGE to offer stablecoins to a broad investor base, not just institutional clients operating under bespoke arrangements.

Blockchain-Agnostic Architecture

SG-FORGE deploys its products across multiple chains and describes the approach as blockchain agnostic. The firm evaluates chains based on technical fit for each use case: latency, throughput, transaction cost, ecosystem maturity, and developer activity. Different products may run on different chains, and SG-FORGE contributes open-source tooling designed to interact with existing legacy systems through widespread standards including SWIFT's ISO 20022 messaging format.

Solana

At Solana Breakpoint 2024 in September 2024, SG-FORGE announced that it had chosen Solana as the next network for EURCV deployment. The decision followed a deliberate evaluation process. The firm cited Solana's low latency, high throughput, and low transaction costs as the technical factors, alongside the pace of developer growth and engagement with the Solana Foundation. The intention stated at Breakpoint was not limited to the stablecoin: SG-FORGE said it planned to bring tokenized securities to Solana as well, including structured products such as "smart cash" instruments that mimic money market fund payouts, and traditional bonds.

The Solana deployment positions EURCV as a settlement asset in DeFi applications accessible via Solana's liquidity ecosystem. SG-FORGE framed the move as part of a broader thesis that DeFi will become the convergence point for traditional capital markets and blockchain technology, and that Solana's performance profile makes it a viable venue for institutional-grade settlement flows.

Partnerships and Scale

SG-FORGE has built an expanding partner network for distribution and settlement of its stablecoins. Key partnerships include Bitstamp (listing and trading venue), Bitvavo and Bit2Me (European retail exchanges listing both EURCV and USDCV in 2025), Bitpanda (DeFi expansion partnership), and Deutsche Börse Group, which announced a partnership with SG-FORGE in 2025.

The most structurally significant partnership as of mid-2026 is with Seturion, Boerse Stuttgart Group's European settlement platform for tokenized securities. In May 2026, flatexDEGIRO, Societe Generale, and SG-FORGE joined Seturion as strategic partners. The arrangement targets pan-European settlement of tokenized structured securities, with SG-FORGE's CoinVertible stablecoins providing the on-chain settlement layer. flatexDEGIRO, which serves more than 3.5 million customers across 16 countries, connects that retail flow to the platform. Nasdaq's European trading venues are also connected to Seturion.

SG-FORGE's role in this structure is as the regulated stablecoin issuer enabling on-chain settlement across a platform that spans multiple blockchains and integrates with traditional market infrastructure.

Solana Ecosystem Fit

SG-FORGE occupies a distinct position relative to other Solana RWA projects: it is a bank-owned, fully licensed entity bringing Euro- and Dollar-denominated settlement instruments to on-chain finance rather than a native DeFi team working toward institutional compliance. The firm's explicit choice of Solana as a deployment target for EURCV, stated in a public forum by its leadership, reflects an institutional evaluation of the network for settlement-grade use cases.

As European MiCA regulation creates a clearer licensing framework for stablecoin issuers, and as Solana's ecosystem adds more institutional DeFi infrastructure, SG-FORGE's stablecoins are positioned as one of the few MiCA-compliant settlement assets already deployed on the network. The stated plan to extend tokenized securities to Solana would represent a further expansion of that footprint.