Bpifrance Adopts SG-FORGE’s EURCV: Euro Stablecoin Enters French Public Finance
📋 En bref (TL;DR)
- Bpifrance (France’s public investment bank) selects the EURCV stablecoin from Société Générale-FORGE for its blockchain operations
- Operations covered: capital markets, payments, treasury management, crypto-asset transactions
- EURCV: MiCA-compliant euro stablecoin issued by SG-FORGE, market cap of approximately €80 million
- Bpifrance has invested approximately €200 million in blockchain-related projects
- EURCV is now available on 5 blockchains: Ethereum, Solana, XRP Ledger, Stellar, and OP Mainnet
- Bpifrance remains “open” to other partnerships, citing the Qivalis banking consortium as an alternative
When France’s public investment bank adopts a stablecoin, the technology has reached a new level of maturity. Bpifrance has announced a partnership with Société Générale-FORGE to use EURCV — SG-FORGE’s euro stablecoin — for its blockchain operations.
This isn’t a pilot test. Bpifrance plans to use EURCV for its capital markets, payments, treasury management, and crypto-asset transactions. A powerful signal anchoring regulated stablecoins in France’s public financial infrastructure.
Bpifrance: a key player in French blockchain
Bpifrance is no blockchain newcomer. The public bank has invested approximately €200 million in blockchain-related projects. In March 2025, it created a dedicated investment fund for French blockchain companies.
Choosing EURCV fits this gradual deployment strategy. Bpifrance will use the stablecoin for proprietary account operations related to capital markets, payments, treasury management, and crypto-asset transactions.
However, the bank specifies its approach “remains open and evolving.” It notably cites the Qivalis banking consortium — which unites 12 European banks around an alternative euro stablecoin — as a potential future partner.
EURCV: Europe’s most deployed euro stablecoin
EUR CoinVertible (EURCV) was launched by Société Générale-FORGE in April 2023 on Ethereum. Since then, it has deployed across five blockchains: Ethereum, Solana, XRP Ledger, Stellar, and Optimism (OP Mainnet).
Its market cap stands at approximately €80 million. That’s still modest compared to USDC ($30 billion) or Tether’s USDT ($145 billion). But EURCV has a decisive advantage: it has been MiCA-compliant from day one.
MiCA (Markets in Crypto-Assets), Europe’s crypto regulatory framework, has imposed strict requirements on stablecoin issuers since July 2024. SG-FORGE holds both electronic money institution and crypto-asset service provider licenses in France, supervised by the ACPR and AMF.
In January 2026, EURCV was integrated into the SWIFT network for bond settlement on the Ethereum blockchain. In April, SG-FORGE launched its dollar stablecoin USDCV on MetaMask, making it accessible to 30 million users.
A French institutional ecosystem taking shape
Bpifrance’s adoption of EURCV is part of a broader movement. France is building an institutional stablecoin ecosystem without equivalent in Europe:
- SG-FORGE: EURCV (euro) + USDCV (dollar), 5 blockchains, SWIFT and MetaMask integration
- Qivalis: consortium of 12 European banks developing an alternative euro stablecoin
- Bpifrance: public institutional adoption, €200M invested in blockchain
- AMF/ACPR: MiCA regulatory framework in place, operational licenses
For French businesses and investors, EURCV offers an alternative to the dollar that dominates the stablecoin market at over 98%. This is a matter of monetary sovereignty: having an operational digital euro while waiting for the ECB’s digital euro, whose launch is expected in late 2027 at the earliest.
Bpifrance’s adoption — by a state institution — sends a clear message to the market: regulated stablecoins are no longer experimental. They’re entering the French state’s financial infrastructure.
Glossary
- Stablecoin: a cryptocurrency pegged to a stable asset, typically fiat currency (euro, dollar). EURCV is worth 1 euro, USDC is worth 1 dollar.
- MiCA (Markets in Crypto-Assets): European regulation governing crypto-asset markets, in force since 2024. Requires licenses and reserves from stablecoin issuers.
- ACPR: France’s Prudential Supervision and Resolution Authority, linked to the Banque de France. Supervises SG-FORGE.
- SG-FORGE: Société Générale’s subsidiary specializing in digital assets and blockchain. Issues the EURCV (euro) and USDCV (dollar) stablecoins.
- SWIFT: interbank messaging network used by over 11,000 financial institutions worldwide. EURCV’s SWIFT integration facilitates its use in traditional payments.
Frequently Asked Questions
Frequently Asked Questions
What is Société Générale-FORGE's EURCV?
EURCV (EUR CoinVertible) is a euro-pegged stablecoin issued by SG-FORGE, a Société Générale subsidiary. MiCA-compliant, it’s available on 5 blockchains and integrated with the SWIFT network. Understanding stablecoins
Why is Bpifrance adopting a stablecoin?
Bpifrance will use EURCV for capital markets, payments, treasury, and crypto transactions. It’s a logical next step after investing €200 million in the French blockchain ecosystem.
Is EURCV safe and regulated?
Yes. SG-FORGE holds electronic money institution and crypto service provider licenses in France. EURCV has been MiCA-compliant since 2024, supervised by the ACPR and AMF. Reserves are backed by euros.
What's the difference between EURCV and the ECB's digital euro?
EURCV is a private stablecoin issued by a commercial bank. The digital euro will be a central bank digital currency (CBDC). EURCV is already operational, while the digital euro isn’t expected until 2027-2028. Blockchain explained
Can individuals buy EURCV?
EURCV primarily targets institutions and businesses. Individuals can access it through platforms that integrate it (Bitpanda, MetaMask via on-ramp). Its market cap remains modest (~€80M) compared to dollar stablecoins.
Sources
This article is based on the following sources:
- Cryptoast — Bpifrance choisit le stablecoin EURCV de SG-FORGE
- SG-FORGE — Official CoinVertible (EURCV) page
- Société Générale — SG-FORGE elevates its stablecoin
- Cryptoast — MiCA: SG-FORGE boosts EURCV for wider European adoption
How to cite this article:
Fibo Crypto. (2026). Bpifrance Adopts SG-FORGE’s EURCV: Euro Stablecoin Enters French Public Finance. Retrieved April 17, 2026 from https://fibo-crypto.fr/en/blog/bpifrance-eurcv-sg-forge-euro-stablecoin-france
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