Societe Generale to deploy CoinVertible stablecoins on Canton

In a May 13 statement, Societe Generale announced that its digital asset unit SG-FORGE will deploy EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) tokens on the Canton Network and join the network as an Ecosystem Super Validator.

The bank said SG-FORGE will accept certain tokenized assets as eligible collateral, act as a counterparty in repo transactions on Canton, deploy EURCV and USDCV on the network and participate in network operations as a Super Validator. The work is described as focusing on tokenized collateral, on-chain financing and institutional-grade digital settlement.

Canton is a permissioned institutional settlement layer that preserves participant confidentiality, enforces permissioning and legal limits, and supports atomic settlement of cash and collateral. The network has been used in tests of on-chain repo and cross-border intraday repo transactions, including an on-chain U.S. Treasury repo that involved major banks, trading firms, market infrastructure providers and stablecoin issuers, and cross-currency repo trades using tokenized gilts.

SG-FORGE describes CoinVertible tokens as fiat-pegged tokens backed by segregated collateral assets and issued by a regulated electronic money issuer and crypto-asset services provider. The bank noted that USDCV first launched in 2025 on Ethereum and Solana. SG-FORGE has disclosed reserve custody arrangements that include a major institutional custodian and daily reserve disclosure aligned with European MiCA transparency standards. The firm appears on a French regulator white-list as a MiCA-licensed crypto-asset services provider.

The announcement includes regulatory and transfer limits. SG-FORGE stated that EURCV and USDCV are not registered under the U.S. Securities Act and that offers, sales, pledges or transfers are restricted outside offshore transactions to permitted transferees. The firm also stated it does not hold a license to conduct business in the United States.

Societe Generale did not list the full set of eligible tokenized collateral, the haircut schedules it will apply, target volumes or firm timelines for CoinVertible deployment on Canton. The bank stated only that certain tokenized assets would be accepted as eligible collateral and that it would act as a repo counterparty on the network.

Separately, distributed ledger repo platforms have reported large processed volumes in late 2025, with average daily repo processing in the hundreds of billions of dollars and monthly totals reaching the trillions. The bank’s Canton participation and the CoinVertible deployment place SG-FORGE’s regulated stablecoins on a permissioned institutional settlement rail; named counterparties, disclosed collateral rules and observable recurring financing activity have not been provided.