Euro stablecoin
Société Générale-FORGE, bank, on Ethereum since April 2023.
EUR CoinVertible, a MiCA e-money token from July 2024, issued by the digital asset subsidiary of a G-SIB. Also on Solana, XRP Ledger and Stellar. The issuer's own product page carries an explicit 24/08/2026 update stamp, which is why this figure is dated precisely. Per that page the entire circulating amount is held by Société Générale itself: circulation here does not imply third-party adoption.
In the record
40
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.