EUR CoinVertible (EURCV)

Bank-Issued Stablecoin·active·France

EUR CoinVertible (EURCV) is a euro stablecoin from Societe Generale-Forge, the digital assets subsidiary of French bank Societe Generale. The issuer appears on ESMA's register of e-money token issuers under the EU's MiCA rules. The token runs on Ethereum, XRP Ledger, Solana and Stellar.

M69 Score

Methodology →

2.5

Weakly aligned

Monetary Sovereignty

2.4

Civilizational Durability

2.3

Universal Adoption

2.7

Rated 6d ago

M69 Verdict

The largest bank-issued euro stablecoin, from Societe Generale-Forge under MiCA. About $169M across four chains with growing institutional distribution. Fully regulated and fully fiat: a euro wrapper with no independence from the banking system.

M69 Score

M69 Alignment2.5

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.4

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.3

Sovereignty + Governance + Resilience

Universal Adoption2.7

Traction (2x) + Inclusivity

Iss Mod3x

3.0

Stability2x

3.0

Fia Ind & Int2x

1.0

Traction2x

3.0

Sovereignty

2.0

Governance

2.0

Resilience

3.0

Inclusivity

2.0

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x

3.0

Single permissioned bank issuer minting 1:1 against euro reserves under MiCA e-money rules (IM-01 3); no debt mechanism in the token itself (IM-02 4); redemption contracts supply (IM-05 4); backing is fiat only (IM-03 1).

Spending Power Stability2x

3.0

Holds its euro peg (0.9998 EUR on CoinGecko, 2026-08-25) under a regulated e-money framework; the anchor is the euro, a relatively stable fiat, but long-term purchasing power is not addressed and the mechanism is issuer redemption plus arbitrage.

Fiat Independence & Interoperability2x

1.0

Fully fiat: euro unit of account, reserves inside the European banking system at a G-SIB, no open interop standard of its own; multichain deployment uses generic infrastructure.

Traction2x

3.0

About 145M EURCV (~$169M) circulating on four chains, the largest bank-issued euro stablecoin; 2026 distribution deals with flatexDEGIRO and Bpifrance show institutional adoption. Usage is institutional and exchange-based, not everyday commerce.

Sovereignty

2.0

Issued by a subsidiary of a systemically important French bank under ACPR/ESMA oversight; KYC-gated mint/redeem and compliance controls at the contract level.

Governance

2.0

Bank corporate governance; no community process; MiCA white paper and disclosures published.

Resilience

3.0

Live since 2023 with the full balance-sheet and operational apparatus of a major bank behind it; concentrated on one issuer and inseparable from the euro banking system.

Inclusivity

2.0

Open to hold and transfer on-chain; mint and redeem run through institutional and KYC channels; designed for institutions first.