Key Data

• Trading Name: SG-FORGE
• Legal Entities: Societe Generale – FORGE S.A.
  
• Activities: Stablecoin Issuer
• Location: France
  
• Regulations: Investment Firm (EI), Digital Asset Service Provider (DASP) (ACPR), Electronic Money Institution (EMI)
  
• Key People: Jean-Marc Stenger, Annabelle Bernal, Charles-Antoine Michallet
• Latest news: SG-FORGE
• Latest update: Sept 25, 2024

Background and Structure

SG-FORGE (Societe Generale-FORGE) is an integrated and regulated subsidiary of Societe Generale, one of France’s largest banks. It was established to focus on crypto-assets and blockchain technology within the Societe Generale Group.

Key Offering

SG-FORGE’s primary offering is the EUR CoinVertible (EURCV), a euro-denominated stablecoin launched in April 2023 on the Ethereum public blockchain. Initially restricted to institutional clients, EURCV has been updated to comply with new regulations and expand its accessibility.

Key People

• Jean-Marc Stenger: CEO of Societe Generale-FORGE
• Annabelle Bernal: General Counsel of SG-FORGE
• Charles-Antoine Michallet: Financial Engineer at SG-FORGE

Compliance Environment

SG-FORGE operates in a highly regulated environment and has obtained several key licenses and approvals:

1. Licensed as an investment firm (EI) by the French Prudential Supervision and Resolution Authority (ACPR) in 2021.
2. Registered and approved as a Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) in July 2023.
3. Licensed as an Electronic Money Institution (EMI) by the ACPR, effective July 1, 2024.
4. Compliant with the European Markets in Crypto-assets (MiCA) Regulation, which came into force on June 30, 2024.

Recent Developments

As of July 1, 2024, SG-FORGE has made significant updates to EURCV to comply with MiCA regulations:

1. Restructured EURCV into an Electronic-Money Token (EMT).
2. Removed whitelisting restrictions, allowing for free transferability.
3. Expanded potential use cases, including integration with Decentralized Finance (DeFi) ecosystems.
4. Partnered with Wintermute as an additional liquidity provider to enhance market depth and reduce volatility.

These changes aim to accelerate the adoption and distribution of EURCV while maintaining high compliance and security standards.

Rating Conclusion

SG-FORGE is a subsidiary of Societe Generale and has various regulatory authorizations including regulation as a CASP. We have not found any negative reports. Therefore, we include the stablecoin issuer in our green compliance and green risk list.