Societe Generale Stablecoins Enter DeFi on Uniswap, Morpho
Background: Societe Generale Expands Stablecoin Reach
Societe Generale’s digital asset subsidiary, SG-FORGE, has launched its euro (EURCV) and dollar (USDCV) stablecoins on prominent decentralized finance (DeFi) platforms, according to a press release issued on Tuesday. Both EURCV and USDCV are now available for borrowing, lending, and spot trading via Ethereum-based protocols Morpho and Uniswap. This marks a significant step for Societe Generale stablecoins DeFi integration, enhancing access beyond traditional centralized markets.
Market Reaction: New Opportunities for DeFi Users
By listing these stablecoins on Morpho, users are able to lend and borrow EURCV and USDCV using cryptocurrencies such as ether, as well as tokenized money market funds—including USTBL and EUTBL. These funds are regulated by the French Financial Markets Authority and invest in US and Eurozone Treasury Bills. Asset manager MEV Capital will oversee the management of these vaults, determining eligible collateral and intervening to handle defaults if necessary. SG-FORGE stated that additional collateral types will be supported in the future.
On Uniswap, the introduction of Societe Generale stablecoins enables spot trading, allowing users to swap EURCV and USDCV directly. Flowdesk, a market maker, will provide liquidity to these pools. This system operates without traditional intermediaries and makes continuous, automated trading possible.
Stablecoin Market Context and What’s Next
The EURCV and USDCV stablecoins currently hold smaller market capitalizations compared to sector leaders. Data from CoinMarketCap shows EURCV’s market cap at $66 million, while Circle Internet’s EURC stands at $260 million. USDCV’s market cap is $32.2 million, with Tether’s USDT leading at $174.8 billion. SG-FORGE’s expansion into DeFi is designed to increase the utility and adoption of its stablecoins by making them available on decentralized protocols used globally.
“Opening up EURCV and USDCV to DeFi marks a new phase in accessibility and utility for Societe Generale stablecoins,” Reporting via CoinDesk. The bank aims to further extend its stablecoin distribution, following previous listings on centralized exchanges and broker platforms. With MEV Capital managing vault rules and Flowdesk providing liquidity, broader collateral support and increased adoption are anticipated over time.
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