SG Forge

What Is SG-FORGE?

SG-FORGE (Société Générale-FORGE) is the digital asset subsidiary of Société Générale, one of France's largest banks. Founded in 2018, SG-FORGE bridges capital markets and blockchain infrastructure by issuing regulated stablecoins and tokenized financial instruments. The subsidiary is licensed as an Electronic Money Institution (EMI) by France's ACPR and holds authorization as a Digital Asset Service Provider (DASP) under French law — one of the few bank-affiliated entities to operate across both traditional securities regulation (EU MiFID2) and the EU crypto-asset framework (MiCA).

Core Products

CoinVertible Stablecoins

CoinVertible is SG-FORGE's flagship stablecoin product line, comprising two Electronic Money Tokens (EMTs) pegged 1:1 to fiat currencies:

EUR CoinVertible (EURCV) launched on Ethereum in April 2023, making it one of the earliest bank-issued euro stablecoins on a public blockchain. It became fully MiCA-compliant on July 1, 2024 — the date MiCA stablecoin rules entered force — with no transition gap. As of mid-2026 it has a circulating supply of approximately 119 million EUR. Collateral consists of segregated bank deposits and high-quality liquid assets backed entirely by Société Générale, with daily public disclosure of reserve composition. It is deployed on Ethereum, Solana, XRP Ledger, and Stellar.

USD CoinVertible (USDCV) was announced in June 2025 and launched on Ethereum and Solana with BNY Mellon serving as reserve custodian. SG-FORGE described itself as the first global banking group to issue a publicly available USD stablecoin on public blockchains. USDCV became fully MiCA-compliant at launch on June 25, 2025. As of mid-2026 its circulating supply is approximately 12.6 million USD. Neither stablecoin is available to US Persons.

Both tokens enable 24/7 instant fiat-to-stablecoin conversion and are designed as settlement instruments for tokenized securities, collateral management, and cross-border payments.

Tokenized Bonds and Structured Products

SG-FORGE has issued digital bonds as security tokens since 2019, including the first covered bond as a security token on a public blockchain, a European Investment Bank (EIB) digital bond, and the first US digital bond issuance in November 2025 — a short-term floating-rate bond linked to SOFR issued on the Canton Network.

Smart Cash

SG-FORGE offers Smart Cash, a blockchain-native alternative to certificates of deposit designed for institutional money market management on-chain.

Solana Integration

SG-FORGE has made Solana a primary deployment target:

• EUR CoinVertible is live on Solana (program address: DghpMkatCiUsofbTmid3M3kAbDTPqDwKiYHnudXeGG52).
• USD CoinVertible launched on Solana alongside Ethereum in 2025 (program address: 8smindLdDuySY6i2bStQX9o8DVhALCXCMbNxD98unx35).

Solana smart contracts were independently audited by HACKEN in December 2024.

Security and Audits

HACKEN has audited CoinVertible smart contracts across all chains: Solana contracts in December 2024, Ethereum contracts in June 2025, and Stellar (Soroban) contracts in September 2025. Reserves are held in segregated, bankruptcy-remote accounts.

Institutional Partnerships

Key institutional collaborations include SWIFT (January 2026 — first MiCA-compliant tokenized bond settlement using EURCV), Deutsche Börse Group (November 2025), BPIFrance (April 2026), and Seturion (May 2026). SG-FORGE also expanded CoinVertible to the Morpho decentralized lending protocol on Ethereum from late 2025.

Team and Background

SG-FORGE is a wholly owned subsidiary of Société Générale Group, drawing on the bank's 150-year institutional history. It is headquartered in France and regulated by French authorities (ACPR). Its presence on Solana brings bank-grade, fully MiCA-regulated stablecoin infrastructure to the network, expanding Solana's utility as a settlement layer for tokenized real-world assets.