What Societe Generale - FORGE does

SG-FORGE (Société Générale-FORGE), founded in 2018 and headquartered at 17 Cours Valmy, Paris-La Défense, France, is the digital assets and blockchain infrastructure subsidiary of Societe Generale Group. The company operates as a regulated financial services provider under the supervision of the ACPR and the AMF, holding the first French Digital Asset Service Provider (PSAN/DASP) license issued in July 2023 and an Electronic Money Institution (EMI) license under the EU MiCA framework. It was founded as one of Societe Generale's internal intrapreneurial startup projects and has since been spun up into a fully integrated subsidiary tasked with tokenizing capital markets infrastructure and bridging regulated banking with crypto-native ecosystems.

The company's core product suite centers on the CoinVertible stablecoin franchise — EUR CoinVertible (launched April 2023 on Ethereum, MiCA-compliant since July 2024) and USD CoinVertible (launched June 2025 with BNY Mellon as reserve custodian) — deployed across Ethereum, Solana, XRP Ledger, and Stellar blockchains. Beyond stablecoins, SG-FORGE provides security token issuance for digital bonds (notably the 2019 covered-bond tokenization, EIB's 2021 first public-chain digital bond, and the 2023 first digital green bond), structured products registered as security tokens on Ethereum and Tezos, a "Smart Cash" on-chain alternative to certificates of deposit, and institutional settlement services. The proprietary CAST (Compliant Architecture for Security Tokens) framework is published open source under Apache 2.0 to encourage DLT integration into legacy financial systems.

Revenue is generated from transaction-based stablecoin issuance and redemption, professional service fees for tokenized bond and structured-product issuance, and subscription/recurring fees for corporate treasury and cash-management solutions using CoinVertible. Pricing is enterprise-custom and not publicly disclosed. The business is structured around direct institutional sales supplemented by a deep distribution network across crypto exchanges (Bitstamp, Bitvavo, Bullish, Bit2Me), brokers (Bitpanda, flatexDEGIRO with 3.5M retail clients), DeFi protocols (Morpho, Uniswap, MakerDAO), Web3 wallets (MetaMask via Consensys), and pan-European market infrastructure (SWIFT, Clearstream/Deutsche Börse, Seturion/Boerse Stuttgart, Canton Network, Euroclear). Customer segments span banks, asset managers, custodians, exchanges, market infrastructure providers, large corporate treasuries, DeFi protocols, and (indirectly via partners) retail investors.

Name

Societe Generale - FORGE

Legal name

Société Générale-FORGE

Website

https://sgforge.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

SG-FORGE is the regulated digital assets subsidiary of Societe Generale Group, issuing MiCA-compliant EUR and USD CoinVertible stablecoins and providing tokenized bond, structured product, and settlement infrastructure for banks, asset managers, corporates, and crypto platforms across multiple blockchains.

Ownership category

akta.pro rank

Product category

Institutional Digital Asset Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)

Keywords

• Institutional stablecoin issuance
• Tokenized bond issuance
• Digital asset services
• Blockchain financial infrastructure
• Security token management

Headquarters

HQ city

Puteaux

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Stablecoin Issuance and Redemption: Revenue generated from issuing and redeeming EUR CoinVertible and USD CoinVertible stablecoins to institutional investors, exchanges, and market makers at 1:1 parity with underlying fiat currencies.
2. Digital Asset Services: Fees for tokenized bond issuance, structured product issuance on blockchain, security token services, and settlement operations for institutional clients.
3. Corporate Treasury Solutions: Revenue from providing tokenized payment, treasury management, and cash pooling solutions for corporate clients using CoinVertible stablecoins.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

SG-FORGE issues MiCA-compliant EUR and USD CoinVertible stablecoins (electronic money tokens pegged 1:1 to fiat, fully backed by segregated reserves) and provides tokenized bond and structured product issuance on public blockchains. It also offers Smart Cash, a tokenized money market instrument, and operates a security token issuance and management platform using its open-source CAST framework.

Differentiator

Problem solved

Functional benefit

Brands

• CoinVertible: MiCA-compliant stablecoin (EUR and USD) providing bridge between traditional financial system and crypto-assets world. Available on Ethereum, Solana, XRP Ledger, and Stellar blockchains.
• Smart Cash
• Digital Bonds
• Structured Products

Products and services

• CoinVertible (EUR CoinVertible) MiCA-compliant electronic money token (stablecoin) pegged 1:1 to the euro, fully backed by segregated reserves held by Societe Generale with daily reserve transparency. Deployed across Ethereum, Solana, XRP Ledger, and Stellar. Used by financial institutions, corporates, exchanges, and DeFi protocols for settlement, treasury, and collateral.
• USD CoinVertible (USDCV) MiCA-compliant electronic money token (stablecoin) pegged 1:1 to the US dollar, fully backed by reserves custodied at BNY Mellon with 100% collateralization. Deployed on Ethereum and Solana. Used by financial institutions, corporates, exchanges, and DeFi protocols for cross-currency settlement, treasury, and collateral.
• Smart Cash
• Digital Bonds End-to-end tokenized bond issuance service for clients on public blockchains, including covered bonds, senior preferred unsecured bonds, and digital green bonds. Enables issuance, settlement, and lifecycle management compliant with MiFID II and EU regulations.
• Structured Products Issuance of structured products (autocall EMTNs and similar instruments) by Societe Generale Group registered on Ethereum and Tezos public blockchains as security tokens for institutional investors.

Quantifiable outcome

• EURCV market cap of approximately $452 million, making it the second largest euro stablecoin
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration22 records

Feature6 records

Partnerships

20 partnerships are on record, tiered core, flagship and minor.

• EuroclearcoreStrategic or Co-development Partner · 26 June 2026Testing USD CoinVertible stablecoin for tokenized US dollar-denominated Negotiable European Commercial Paper (NEU CP) settlement on distributed ledger technology. Collaboration addresses multi-currency needs of commercial paper market and aims to enhance efficiency in cross-currency markets while modernizing European financial market infrastructure.
• Boerse Stuttgart Group / SeturioncoreStrategic or Co-development Partner · 21 May 2026Pan-European blockchain-based securities settlement platform. Societe Generale to issue tokenized structured securities on Seturion, with SG-FORGE providing Euro and US dollar stablecoins for settlement. Aims to reduce transaction costs and address Europe's fragmented post-trade environment.
• Canton NetworkcoreTechnology or Integration · 13 May 2026Deployment of CoinVertible stablecoins on Canton Network for tokenized collateral, on-chain financing, and institutional-grade digital settlement. SG-FORGE joins as Ecosystem Super Validator, positioning Societe Generale among first banks to develop collateral and financing solutions in tokenized form on Canton.
• BpifranceflagshipStrategic or Co-development Partner · 17 April 2026Bpifrance uses EUR CoinVertible for capital markets operations, payments, treasury, and securities. Strategic partnership to accelerate adoption of tokenized financial solutions and reinforce French and European digital financial ecosystem competitiveness.
• Consensys (MetaMask)coreTechnology or Integration · 15 April 2026Integration of USD CoinVertible stablecoin into MetaMask wallet, enabling millions of users to access regulated stablecoin issued by major European bank's subsidiary. Provides on/off ramping, trading, DeFi access, and gas fee payments using USDCV.
• AWIC FranceminorGTM or Marketing Partner · 15 April 2026Partnership to empower women in crypto through challenges, mentorship programs, and networking events. Organized 'Women in Crypto, Blockchain & Web3' competition with 6 winners receiving mentorship and immersion at SG-FORGE.
• SWIFTcoreTechnology or Integration · 15 January 2026Successful tokenized bond settlement using both fiat and digital currencies, with EUR CoinVertible as first MiCA-compliant stablecoin natively compatible with SWIFT's interoperability capabilities. Demonstrated issuance, DvP settlement, coupon payments, and redemption.
• BitvavocoreChannel Partner/ Reseller/ Distributor · 17 December 2025European cryptocurrency exchange listing EUR CoinVertible and USD CoinVertible stablecoins, providing retail and institutional users access to MiCA-compliant stablecoins for payments, liquidity management, trading, and DeFi applications.
• Deutsche Börse GroupcoreStrategic or Co-development Partner · 18 November 2025Integration of CoinVertible stablecoins into Clearstream settlement infrastructure for compliant institutional digital cash usage in European markets. Focus on collateral, settlement, and liquidity management through MiCA-regulated stablecoins.
• Bit2MeminorChannel Partner/ Reseller/ Distributor · 29 October 2025Spanish cryptocurrency platform listing EUR CoinVertible and USD CoinVertible stablecoins for secure and efficient digital payment solutions in European market.
• BitpandacoreChannel Partner/ Reseller/ Distributor · 14 October 2025Expanded partnership to deploy EURCV and USDCV stablecoins in DeFi through Bitpanda's platform, enabling retail investors in Europe to earn yield on fully regulated digital assets via Morpho and Uniswap protocols.
• MorphocoreTechnology or Integration · 30 September 2025DeFi protocol integration enabling lending and borrowing in USDCV and EURCV collateralized by crypto assets. MEV Capital serves as curator overseeing deployment and risk management for Morpho vaults.
• UniswapcoreTechnology or Integration · 30 September 2025Decentralized exchange listing EURCV and USDCV for spot trading with Flowdesk providing market maker liquidity. Enables direct token trading without centralized intermediary.
• Consensys (Swift Ledger Development)coreTechnology or Integration · 29 September 2025Swift working with over 30 financial institutions including SG-FORGE to develop blockchain-based shared ledger for real-time 24/7 cross-border payments. Consensys providing conceptual prototype development.
• BNY MelloncoreStrategic or Co-development Partner · 10 June 2025Reserve custodian for USD CoinVertible stablecoin, enabling seamless integration between traditional and digital financial ecosystems. BNY provides custody for fiat reserves backing USDCV at 100% collateralization.
• Stellar Development FoundationcoreTechnology or Integration · 20 February 2025Deployment of EUR CoinVertible on Stellar network for fast, scalable, and cost-effective digital euro stablecoin with built-in decentralized exchange for asset tokenization.
• KeyrockcoreChannel Partner/ Reseller/ Distributor · 3 December 2024Digital asset liquidity provision partnership to strengthen EUR CoinVertible market depth and stability. Keyrock's algorithm-driven trading technology supports price stability and reduces slippage across trading platforms.
• Ripple / XRP LedgercoreTechnology or Integration · 14 November 2024Deployment of EUR CoinVertible on XRP Ledger for fast (3-5 second) settlement and low-cost transactions. Uses Ripple Custody solutions (ex-Metaco) for technical implementation.
• Solana FoundationcoreTechnology or Integration · 20 September 2024Deployment of EUR CoinVertible on Solana network leveraging high throughput (tens of thousands TPS), fast finality, and ultra-low transaction costs for scalable digital payment and DeFi applications.
• WintermuteminorChannel Partner/ Reseller/ Distributor · 1 July 2024Additional dedicated liquidity provider for EURCV to enhance market depth, reduce volatility, and provide seamless trading experience on Bitstamp exchange.

Scale indicators8 records

Recent moves15 records

Expansion highlights8 records

Broad incumbents

• Anchorage Digital: Anchorage Digital is a federally chartered US crypto bank providing custody, stablecoin issuance (in partnership), and institutional digital asset services. It overlaps with SG-FORGE in regulated institutional digital asset infrastructure.
• Fireblocks: Fireblocks provides institutional digital asset custody, settlement, and tokenization infrastructure. It is an indirect competitor as a platform layer serving many of the same institutional clients that SG-FORGE targets with CoinVertible.

Emerging players

• Ondo Finance: Ondo Finance is a leading tokenized real-world asset (RWA) platform offering tokenized US Treasuries and yield products. It overlaps with SG-FORGE's institutional tokenization and on-chain yield offerings, but focuses on USD assets and a different regulatory approach.
• WisdomTree: WisdomTree issues tokenized money market funds and other digital asset products in Europe (e.g., on Stellar). It competes with SG-FORGE's Smart Cash product and offers an alternative tokenized treasury solution to institutional clients.

Direct peers

• Circle: Circle issues USDC and EURC, the most direct competitors to CoinVertible. Circle is the established leader in regulated fiat-backed stablecoins and a direct head-to-head competitor for institutional and DeFi distribution.
• Paxos: Paxos issues USDP (regulated US-dollar stablecoin), PYUSD (PayPal's stablecoin), and provides tokenization infrastructure. It is a direct peer in regulated, bank-custodied stablecoin issuance and institutional tokenization services.
• Fnality: Fnality is a consortium of major banks (including SG) building tokenized commercial bank money (Utility Settlement Coin). It directly competes with CoinVertible in the institutional tokenized-money-for-settlement space.
• MakerDAO: MakerDAO issues DAI, the leading decentralized stablecoin. SG-FORGE has actually integrated with MakerDAO (borrowing DAI against OFH tokens), making it both a DeFi counterparty and a competing stablecoin issuer serving the on-chain economy.
• Tether: Tether (USDT) is the largest stablecoin issuer globally. While it is offshore and not MiCA-compliant in Europe, it remains the dominant competitor for trading volume, exchange listings, and cross-border payments use cases.
• Securitize: Securitize is a leading platform for issuing and managing digital securities and tokenized assets. It competes with SG-FORGE's security token issuance and digital bond services for institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/18818506

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Societe Generale - FORGE