Societe Generale launches stablecoins on Morpho and Uniswap

Societe Generale’s digital asset arm is now live on Morpho and Uniswap, moving its regulated EURCV and USDCV stablecoins beyond centralized exchanges and into the heart of decentralized lending and spot markets.

Summary

• Societe Generale-FORGE has deployed euro and dollar stablecoins on Morpho and Uniswap.
• Users can borrow against BTC, ETH, and tokenized money market funds, with Flowdesk and MEV Capital managing liquidity and risk.
• The move reflects growing institutional interest in DeFi and tests how regulated bank-issued stablecoins perform in decentralized markets.

According to a press release dated Sept. 30, SG-FORGE has deployed its euro- and dollar-denominated stablecoins on two foundational DeFi protocols. On Morpho, users can now borrow EURCV and USDCV against a basket of crypto collateral, including wrapped Bitcoin and staked Ether.

Simultaneously, the stablecoins are listed on Uniswap, with Flowdesk providing liquidity for spot trading. The move, facilitated by specialized partners like MEV Capital for risk management, marks the division’s first major foray into the public Ethereum DeFi landscape.

Why Societe Generale’s stablecoin deployment matters

Per the statement, the deployment is a direct response to growing institutional demand to interact with digital assets outside the confines of traditional market hours and centralized gatekeepers.

SG-FORGE said it was positioning its stablecoins not as replacements for existing options, but as regulated instruments for specific, capital-efficient use cases.

“SG-FORGE aims to offer a complementary approach to its clients who would like to use these robust and regulated assets 24/7 in the context of financial operations,” the company noted, suggesting a shift from viewing DeFi as a separate entity to treating it as another operational venue, akin to a new trading floor or settlement network.

Beyond the familiar crypto collateral of wrapped Bitcoin and staked Ether, the Morpho vaults introduce a significant new asset class: tokenized money market funds. Specifically, the USTBL and EUTBL funds issued by Spiko will be accepted, blending traditional yield-bearing instruments with decentralized lending for the first time in this context.

Overseeing this cautious expansion is MEV Capital, which has been tasked with a critical curatorial role. The firm will supervise the list of eligible crypto assets used as collateral, ensure optimal capital allocation across the vaults, and act as a backstop by managing the risk of default as a last resort.

Uniswap’s role in the rollout is equally significant. By placing EURCV and USDCV into automated trading pools, Societe Generale is testing whether bank-issued stablecoins can operate under the same liquidity dynamics that govern crypto-native tokens.