Introduction to SG-FORGE’s Stablecoins
Societe Generale’s subsidiary specializing in digital assets, SG-FORGE, has made a significant leap into decentralized finance (DeFi) by launching its Euro and Dollar-backed stablecoins. These stablecoins, known as EURCV and USD CoinVertible (USDCV), are now integrated on Ethereum-based platforms, specifically Morpho and Uniswap.
Enhanced Trading Opportunities
This initiative allows users to partake in round-the-clock trading of assets linked to major currencies, empowered by smart contract technology that underpins their trading activities. Notably, the Morpho platform has opened avenues for users to utilize different cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), alongside regulated money market tokenized funds like USTBL and EUTBL—both of which invest in U.S. Treasury securities and bonds from the Eurozone’s governments—as collateral for obtaining EURCV and USDCV.
Asset Management and Future Plans
Additionally, asset management firm MEV Capital has been tasked with overseeing these treasuries, which will include establishing rules for acceptable collateral and managing defaults. SG-FORGE has indicated intentions to diversify collateral types in the future.
Liquidity and Market Impact
The recent addition of their stablecoins on Uniswap will facilitate a new spot market, providing liquidity for EURCV and USDCV trades. Flowdesk, a liquidity provider, will play a crucial role in supporting traders by enabling exchanges of these stablecoins without the need for traditional financial intermediaries.
