EUR CoinVertible

EUR CoinVertible (EURCV) is a euro-denominated electronic-money token issued by Société Générale-FORGE, a regulated Société Générale subsidiary. It is designed to represent one euro per token on public blockchains rather than to function as a governance or yield token. The issuer’s current page describes EURCV as a regulated EMT with 1:1 collateral and a direct or partner-mediated redemption process.

The project began on Ethereum in April 2023 for institutional clients. In July 2024, SG-FORGE restructured EURCV for MiCA EMT compliance and removed the original whitelist transfer restriction. The October 2025 iXBRL white paper lists identifiers for Ethereum, Solana, XRPL and Stellar. Listing four networks in one document does not establish simultaneous deployment: the product page still says “Stellar coming soon,” but SG-FORGE announced that EURCV was live on Stellar on March 10, 2026, following Ethereum, Solana and XRPL.

EURCV addresses an institutional settlement problem: moving euro-denominated value through public blockchain rails while retaining an issuer, collateral and compliance framework familiar to financial institutions. The original product was aimed at Societe Generale’s institutional clients; the July 2024 update was explicitly intended to broaden transferability and distribution.

It does not remove conventional financial and legal dependencies. Direct issuance and redemption require onboarding and controls, EEA par redemption is subject to KYC/AML, permitted-transferee and sanctions checks, and secondary-market liquidity depends on exchanges, brokers and market makers. The token therefore connects blockchain transferability with a centralized regulated issuer rather than replacing that issuer.

SG-FORGE issues EURCV at a nominal value of one euro. The white paper says there is no fixed issuance cap: the issuer can create further fungible tokens, and minting and burning can only be performed by the issuer through the EURCV smart contract. Issuance proceeds are placed into segregated account(s); the documented collateral test targets collateral value at least equal to outstanding EURCV and at least 30% of required collateral in cash.

On Ethereum, EURCV uses the ERC-20 standard and the published contract has 18 decimals. Etherscan identifies the deployed address as an ERC1967Proxy with a verified implementation, so the proxy architecture is an explicit upgrade/control consideration rather than evidence of decentralized governance. Holders can transfer tokens with their private keys, but the white paper reserves issuer authority to blacklist addresses and freeze associated EURCV where it suspects violations or illegal activity, and legal or regulatory events can trigger redemption or recovery procedures.

The multichain label hides four control systems. Ethereum is an upgradeable proxy with registrar, operations and technical roles; on September 5, 2026 it was unpaused and had no next implementation staged. Solana retains mint, freeze, permanent-delegate, close and metadata authorities. XRPL allows issuer clawback and freeze, while Stellar requires issuer authorization and enables revocation and clawback. Free transferability therefore means the old universal whitelist gate was removed, not that the issuer became unable to intervene.

The September 4, 2026 product snapshot reported 161,288,989.91 EURCV and the same euro collateral amount, held 100% at Société Générale. Policy permits eligible cash and highly liquid euro securities with at least 30% cash. The page is issuer-published daily disclosure; Hacken reports are code audits and do not independently attest reserves.