USD CoinVertible

Morpho

DeFi

EUR CoinVertible

Forge

Societe Generale’s digital asset arm SG Forge has partnered with Morpho, a leading decentralized finance (DeFi) lending protocol, to launch its MiCA-compliant stablecoins.&nbsp;
The announcement was shared by Morpho on Tuesday, with a post on X, citing, “This is the beginning of an inevitable shift: banks are coming onchain and Morpho will be their universal backend.”
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 SG Forge, <a href="https://twitter.com/SocieteGenerale?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@societegenerale</a>'s regulated digital asset arm, has selected Morpho to power lending and borrowing for its MiCA-compliant stablecoins, EURCV &amp; USDCV. This is the beginning of an inevitable shift: banks are coming onchain and Morpho will be their universal backend. <a href="https://t.co/hoT0AJeFWa" rel="noopener noreferrer nofollow">pic.twitter.com/hoT0AJeFWa</a>— Morpho 🦋 (@MorphoLabs) <a href="https://twitter.com/MorphoLabs/status/1972913932802421202?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 30, 2025</a>
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This initiative will allow SG Forge to power lending and borrowing for its MiCA-compliant stablecoins, EUR CoinVertible (EURCV) and USD CoinVertible (USDCV), using Morpho’s decentralized infrastructure.&nbsp;
According to CoinMarketCap data, <a href="https://coinmarketcap.com/currencies/eur-coinvertible/" target="_blank" rel="noopener noreferrer nofollow">EURCV</a> has a market cap of $66 million, compared to Circle Internet’s EURC at $260 million. <a href="https://coinmarketcap.com/currencies/usd-coinvertible/" target="_blank" rel="noopener noreferrer nofollow">USDCV</a> has a market cap of $32.2 million, while Tether’s USDT leads the stablecoin dominance with $174.8 billion in market cap. The two are comparatively smaller in the existing market.&nbsp;
<h2 class="wp-block-heading" id="how-the-partnership-works">How the partnership works&nbsp;</h2>
SG Forge will mint its fiat-backed stablecoins, EURCV and USDCV, which are compliant with MiCA-regulations. Both these stablecoins are backed 1:1 by euros and U.S. dollars. The minted stablecoins will then be deployed into curated Morpho Vaults managed by MEV Capital.
“MEV Capital will act as a curator of EURCV and USDCV Morpho vaults, supervise the list of eligible crypto collateral assets, ensure optimal capital allocation, and manage efficient liquidations of undercollateralized vault positions.” said the official <a href="https://x.com/MEVCapital/status/1972948497302491434" target="_blank" rel="noopener noreferrer nofollow">MEV Capital</a>, another collaborator for this development.&nbsp;
These vaults will further deploy the stablecoins into Morpho’s lending markets, which are collateralized by a range of digital assets. These assets include various cryptocurrencies and tokenized money market funds, allowing SG Forge to offer new product offerings built on DeFi rails, all within a compliant framework.
Morpho is a decentralized lending protocol on Ethereum and Base, gaining traction as a core infrastructure for on-chain finance. It recently reached a key milestone in the DeFi lending space, crossing <a href="https://www.cryptotimes.io/2025/08/22/morpho-crosses-10b-in-deposits-hits-major-defi-lending-milestone/" target="_blank" rel="noopener noreferrer nofollow">$10 billion</a> in deposits. Companies are choosing Morpho for a number of reasons, a recent example being <a href="https://www.cryptotimes.io/2025/09/19/coinbase-launches-usdc-lending-with-morpho-integration/" target="_blank" rel="noopener noreferrer nofollow">CoinBase launching USDC lending </a>with Morpho integration.&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2025/09/19/coinbase-launches-usdc-lending-with-morpho-integration/" target="_blank" rel="noopener noreferrer nofollow">Coinbase Launches USDC Lending with Morpho Integration</a>
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Societe Generale’s SG Forge Partners with Morpho to Launch Stablecoins

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