Société Générale, via SG Forge, enables lending and borrowing of MiCA compliant stablecoins using DeFi infrastructure

As one of the largest regulated banks in France, Société Générale oversees more than €130B in assets as of 2025 and was among the earliest financial institutions to adopt digital assets through its subsidiary, Société Générale–FORGE (SG Forge).

Leveraging digital assets, SG Forge sought ways to expand its lending businesses beyond geographic and operational silos while maintaining full regulatory compliance.

The opportunity was to combine institutional-grade asset issuance in a regulated environment with the openness, transparency, and speed of permissionless lending markets — adding a new global distribution model in addition to its traditional banking framework.

Through SG-Forge, Société Générale came onchain and chose Morpho as its lending network.

Here’s how it works:

• Stablecoins on DeFi rails. SG-FORGE maintains 1:1 backings of EURCV and USDCV and deploys them across DeFi, including lending and borrowing powered by Morpho.
• Institutional-grade lending on Morpho. Morpho Vaults curated by MEV Capital enable lending and borrowing in EURCV and USDCV, collateralized by a range of crypto assets such as ETH and BTC, as well as tokenized money market fund shares USTBL and EUTBL issued by Spiko.
• Day-one liquidity. Flowdesk acts as the market maker for EURCV and USDCV, while Uniswap lists the assets to support liquidity depth and discoverability.

By extending its loan books onchain with Morpho, Société Générale has established a MiCA-compliant stablecoin lending framework that is global, transparent, and operates 24/7.

1. Borrowers gain instant access to capital from anywhere; depositors enjoy competitive rates and real‑time transparency into how their funds are deployed.
2. Operationally, the bank benefits from transparent asset curation by MEV capital where positions and vault parameters are auditable onchain in real-time. This makes servicing loans denominated in EURCV and USDCV much easier.
3. Onchain lending books have the potential to expand Societe Generale’s banking services: a truly global loan book enables Société Générale to reach new markets that were not possible with its traditional lending businesses.

By coming onchain with Morpho, Société Générale is writing the blueprint for regulated banks and institutions to come onchain. A decade from now, the industry will look back and point to this use case as the inspiration.