The euro stablecoin market has seen a slight expansion recently. The digital assets business subsidiary of Societe Generale, SG Forge, issued EURCV, which saw its market value increase by approximately 5.6 million US dollars in the past week, ranking second in growth rate among euro stablecoins only to Circle's issued EURC.
The scale of euro-stablecoins remains small.
Data shows that during the same period, the market value of EURC increased by approximately 10.3 million US dollars, while that of EURe increased by about 1 million US dollars. Based on its current scale, the total market value of EURCV is estimated to be between 140 million and 180 million US dollars, making it the second-largest euro-stablecoin after EURC.
The entire euro stablecoin market currently amounts to approximately $650 million to $780 million, which is still quite small compared to the dollar stablecoins. In contrast, the scale of USDT has already exceeded $100 billion, while euro stablecoins are still in their early stages.
Issued by banks and in compliance with MiCA
EURCV is officially known as EUR CoinVertible. It was launched in 2023 and issued by Société Générale de France through SG Forge. This token is backed 1:1 by euros and is classified as an electronic currency stablecoin. It also complies with the requirements of the European Union's Regulation on Markets in Crypto Assets MiCA.
This is the main difference between EURCV and most native stablecoins in the crypto industry. It is not a case of compliance being added after the product is launched; rather, it is designed and issued within a regulated banking system from the very beginning, making it easier to enter institutional use cases.
Deployed on Ethereum and Solana.
EURCV is currently deployed on two public chains, Ethereum and Solana, and is connected to the revenue treasury of Morpho. Holders can use the euro-stablecoin for certain scenarios involving DeFi. Its applications include cross-border payments, tokenized asset settlement, and on-chain financial services.
The token has also been listed on trading platforms such as Bitstamp, and its coverage is no longer limited to institutional clients. However, according to public trading data, EURCV has not shown any trading volume in the past 24 hours, which indicates that its secondary market liquidity is still relatively weak.
Growth mainly depends on subscriptions and usage.
In cases of inactive trading, an increase in market value may not solely come from buy orders from exchanges; it could also be related to new issuances or adjustments to reserves. For such stablecoins that are institutionally driven and have a narrow circulation, changes in a single amount of capital typically have a greater impact on statistical data.
The report also mentioned that EURCV once recorded a weekly inflow of approximately 11.6 million US dollars in late August, with a circulation range of between 130 million and 156 million coins. This indicates that its financial activities are likely to occur more in over-the-counter markets, institutional settlements, or redemption processes, rather than in public trading markets.
Additional information:Apart from EURCV, Schuman Financial's EUROP is also seeking institutional clients. What the market will pay more attention to next is whether the new scale of euro stablecoins can be converted into sustained trading volume, and whether they can expand their practical use in payments and tokenized asset settlements.
