Bank Meets Blockchain: A Love Story (No, Really! 💸🦋)

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In a bold move that’s either genius or a midlife crisis, Société Générale’s digital asset arm, SG Forge, has teamed up with Morpho-a DeFi lending protocol-to launch MiCA-compliant stablecoins. Because nothing says “trust” like asking a decentralized robot to babysit your euros. 🤖💶

Morpho, presumably the most enthusiastic DeFi entity in the room, announced the partnership on X with the gravitas of someone revealing they’ve cured cancer: “This is the beginning of an inevitable shift: banks are coming onchain and Morpho will be their universal backend.” Translation: “We’re about to get paid in crypto. Pass the champagne.” 🍾

SG Forge, @societegenerale’s regulated digital asset arm, has selected Morpho to power lending and borrowing for its MiCA-compliant stablecoins, EURCV & USDCV.

This is the beginning of an inevitable shift: banks are coming onchain and Morpho will be their universal backend.

– Morpho 🦋 (@MorphoLabs) September 30, 2025

So, how does this work? SG Forge will mint EUR CoinVertible (EURCV) and USD CoinVertible (USDCV)-stablecoins backed 1:1 by real money, because who needs imagination when you can just use actual currency? These coins will then be tossed into Morpho Vaults managed by MEV Capital, who will “supervise eligible crypto collateral” like it’s a high-stakes game of Monopoly. 🎲

Let’s talk numbers, shall we? EURCV has a market cap of $66 million, which is a grand slam compared to Circle’s EURC ($260 million). USDCV? A humble $32.2 million. Meanwhile, Tether’s USDT is sipping champagne at $174.8 billion. But hey, every empire starts with a single… stablecoin. 🏰

How the Partnership Works (Or Doesn’t)

SG Forge will mint EURCV and USDCV, which are “MiCA-compliant” (read: legally allowed to exist in the EU). These coins will then be deposited into Morpho Vaults, where MEV Capital will curate eligible crypto collateral like it’s a five-star restaurant menu. Their mission? “Optimal capital allocation” and “efficient liquidations.” Sounds like a day at the office! 🏢

MEV Capital, the third wheel in this love triangle, proudly declared, “We’ll supervise the list of eligible crypto collateral assets…” which is code for “We’re not liable if things go sideways.” These vaults will then deploy stablecoins into Morpho’s lending markets, collateralized by crypto assets. Because nothing says “safety” like betting your euros on Bitcoin’s next mood swing. 🐒

Morpho, the Ethereum/Base-based lending protocol, recently hit $10 billion in deposits. For context, that’s enough to buy a small island or fund a dozen crypto hedge funds. Coinbase even partnered with them for USDC lending. Because why trust a bank when you can trust a smart contract? 🤖

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2025-09-30 16:55