SG-FORGE is bringing its euro and dollar stablecoins to decentralized finance platforms Morpho and Uniswap.<\/p>\n
French banking giant Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s crypto arm, SG-FORGE, is expanding its stablecoin<\/a> offering into decentralized finance<\/a>, aiming to provide what it calls a \u201ccomplementary approach\u201d for clients.<\/p>\n In a press release<\/a> today, Sept. 30, the multinational bank said that its EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoins will be available for lending, borrowing and trading on Ethereum<\/a> via DeFi protocols Morpho<\/a> and Uniswap<\/a>.<\/p>\n The stablecoins can be used in collateralized lending and borrowing on Morpho, backed by assets including Wrapped Bitcoin (WBTC<\/a>), wrapped Lido Liquid staked ETH (WSTETH<\/a>) and tokenized money market funds issued by Spiko, a management platform that offers tokenized money market funds.<\/p>\n Per the press release, MEV Capital will act as curator of the vaults, supervising collateral lists and managing capital allocation.<\/p>\n On Uniswap, the stablecoins will be available for spot trading, with Flowdesk providing market-making services to support liquidity, the press release reads.<\/p>\n Uniswap is currently the largest on-chain exchange<\/a> by trading volumes, while Morpho is the second-largest<\/a> DeFi lending protocol, per data from DefiLlama. <\/p>\n SG-FORGE launched<\/a> EURCV in April 2023 as a stablecoin for institutional use on Ethereum. In its early phase, it was limited to a small set of approved addresses, drawing criticism from crypto purists that it functioned more like a closed or \u201cwalled-garden\u201d token than an open asset.<\/p>\n Responding to concerns, SG-FORGE reworked<\/a> EURCV in mid-2024 to comply with the EU regulatory regime for crypto, MiCA<\/a>, and removed whitelisting so that the token could move freely on public chains. Two years after launching EURCV, SG-FORGE debuted USDCV<\/a>, with BNY Mellon named as reserve custodian.<\/p>\n