Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
All 2 stablecoins combined
Share of total stablecoin supply
#23 of 98 issuers by supply
Share of non-USD stablecoin supply
of 74 non-USD stablecoins on the map
Stablecoins issued
median issuer: 1
Chains
read onchain, #32 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.3%)
Founded / domicile
FR · Puteaux
Societe Generale's digital-asset subsidiary, an ACPR-licensed e-money institution issuing the euro EURCV and dollar USDCV.
SG-FORGE is a stablecoin issuer owned by a bank.
The issuer
The issuer is Société Générale – FORGE, a French société anonyme registered at the Nanterre Trade Register under no. 882 696 628. Its registered office is at 17 Cours Valmy, Puteaux. Its legal page lists share capital of EUR 45,243,990 as of 20 March 2026. The EURCV whitepaper names Société Générale as the parent company. It gives no percentage holding.
Business
SG-FORGE works under three authorisations: investment firm, electronic money institution and crypto-asset service provider. Its site lists digital bonds, structured products registered on Ethereum and Tezos, and a cash product called Smart Cash alongside the stablecoins. The site also cites Societe Generale's first covered bond issued as a security token on a public blockchain.
SG-FORGE launched EUR CoinVertible on Ethereum on 20 April 2023. Its announcement called it "the first institutional stablecoin deployed on a public blockchain".
Sources: SG-FORGE legal information, SG-FORGE home page, SG-FORGE: EUR CoinVertible launch announcement (20 April 2023), SG-FORGE: USD CoinVertible launch with BNY as reserve custodian (10 June 2025), EURCV white paper (iXBRL, October 2025)
Both stablecoins SG-FORGE issues, largest first.
Summed across both stablecoins SG-FORGE issues, each dollar counted once. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed +1.0%, against -3.1% for all stablecoins on the map.
Supply of every coin SG-FORGE issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
US$205.3M
Read on 4 chains, all in the total
Ethereum84%US$173.1M
Stellar8%US$16.9M
XRPL5%US$11.2M
Solana2%US$4.2MDeFiLlama circulating supply in USD, grouped by each stablecoin's peg currency. Coins DeFiLlama does not record are not counted.
Source: DeFiLlama circulating supply Updated
In DIA's latest read, EURCV sits at its EUR peg. USDCV's typical daily move over the last 90 days was 17 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
EURCV is priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That widens the 90-day and largest figures, so they are not comparable with the USD stablecoins' figures.
The largest move leaves out days when most other stablecoins of the same currency moved the same way: that move is the exchange rate, not the stablecoin. Left out: EURCV 26 days. The same days are left out on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
| 0 bps (0.00%) | 19 bps | −50 bps (−0.50%) | Issuer-reported | |
| 17 bps | −100 bps (−1.00%) |
Lending-market supply summed across both stablecoins SG-FORGE issues. Yield pools live on each stablecoin's own page.
Lower bound: the balance of every SG-FORGE coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins SG-FORGE issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under US$1,000, or pinned at full utilisation with runaway interest is left out.
At least one SG-FORGE coin has no DIA price on file, so part of this figure is converted using an aggregated market data price instead of DIA's own read.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
US$50.5M
supplied to 14 lending markets on 1 protocol, from 2 of SG-FORGE's 2 coins
90%
Borrowed
share of supplied stablecoins now on loan
2.92%
Average supply APY
weighted by the balance in each market
100%US$50.5MEthereumEURCV / cbBTCUS$18.5M1.70%89%EthereumEURCV / wstETHUS$10.2M1.82%90%EthereumEURCV / WBTCUS$6.0M1.82%90%EthereumEURCV / mGLOeuroNo withdrawable balanceUS$5.1M13.25%100%EthereumEURCV / EUTBLUS$3.0M1.59%90%EthereumEURCV / wstETHUS$2.3M1.82%90%EthereumEURCV / WBTCUS$1.9M1.82%90%EthereumEURCV / cbBTCUS$1.8M2.76%91%EthereumEURCV / steakUSDCUS$803K0.91%90%EthereumEURCV / eurSAFOUS$746K1.58%90%EthereumEURCV / mGLOeuroUS$237K<0.01%<1%EthereumEURCV / LBTCUS$93K4.78%87%EthereumEURCVUS$9KEthereumUSDCVUS$2KEthereumin 14 lending markets100%US$50.5MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 43 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 43.
24.6%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.3%)
EEA electronic money or credit institution authorised to issue an e-money token under MiCA.
Licences: MiCA EMI, MiCA CASP
What SG-FORGE publishes
SG-FORGE's CoinVertible page shows the circulation of EURCV and USDCV and the split of collateral by custodian, with a daily update stamp. On 2 October 2026 the page showed €167,013,839 of EURCV in circulation, with 100% of collateral at Societe Generale. It showed $12,546,441 of USDCV in circulation, with 87.67% at BNY and 12.33% at Societe Generale. The page describes both stablecoins as "100% backed by cash".
What the whitepaper allows
The EURCV whitepaper lets the collateral hold cash and highly liquid securities. Those securities must carry a rating at least equal to Société Générale's senior preferred debt rating. The collateral sits in a segregated account. Holders have an exclusive claim on that account, pro rata to their claim on the issuer.
What it does not publish
No third-party accountant attestation or audit of the reserves appears on the CoinVertible page or in the whitepaper. The audits SG-FORGE links are smart-contract audits by Hacken, covering the Ethereum, Solana and Stellar contracts.
Sources: SG-FORGE CoinVertible page (daily collateral disclosure), EURCV white paper (Version 2.2, September 2026)
E-money token issuer
ESMA's interim MiCA register lists Société Générale – Forge as an electronic money institution supervised by France's ACPR, with white papers filed for both EURCV and USDCV. The EURCV entry carries an authorisation date of 1 July 2024. SG-FORGE states that USDCV has been MiCA-compliant since 25 June 2025.
Crypto-asset and investment services
The same register lists SG-FORGE as a crypto-asset service provider authorised by the AMF on 23 October 2025. The authorisation covers custody and administration of crypto-assets and transfer services. SG-FORGE's legal page says it is also an investment firm supervised by the ACPR and controlled by the AMF.
Sources: ESMA interim MiCA register: e-money token white papers (EMTWP.csv), ESMA interim MiCA register: crypto-asset service providers (CASPS.csv), SG-FORGE legal information, SG-FORGE CoinVertible page
SG-FORGE issues two stablecoins under the CoinVertible name, one per currency. Both are pegged 1:1 to a fiat currency. SG-FORGE describes both as e-money tokens under MiCA.
The two differ in custody. EURCV collateral sits with Societe Generale. USDCV collateral is split between BNY and Societe Generale.
Sources: SG-FORGE CoinVertible page, SG-FORGE: USD CoinVertible launch with BNY as reserve custodian (10 June 2025), EURCV white paper (Version 2.2, September 2026)
This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
