Bank stablecoins deployed into permissionless DeFi
Société Générale-FORGE, bank, on Ethereum since September 2025.
From 2025-09-30 SG-FORGE made EURCV and USDCV available for lending and borrowing on Morpho and spot trading on Uniswap, with MEV Capital curating the vaults and Flowdesk market-making. Notable as a G-SIB subsidiary placing its own tokens into unpermissioned protocols. CAVEAT: no TVL or usage figure is disclosed, and this row shares a source URL with the two CoinVertible rows above rather than having its own dedicated release retrieved in this pass.
In the record
11
months from first observation to the record's assessment of August 2026
9
bank rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.
R4Can we keep a position confidential on a public ledger?
unresolved
The most consequential open question institutions put to us. Selective-disclosure work is underway across the ecosystem. Nothing is production-settled today, and we would need to see it running in a regulated deployment before we said otherwise.
R6Who is the counterparty when there is no counterparty?
needs design
An ownerless system meeting procurement built for vendors. Six organisations can take your first call, and our own unincorporated status is part of this problem, not outside it.