Crypto & Euro Payment: Why the EURCV stablecoin is a revolution

As DeFi is structured, euro stablecoins are becoming essential to Web3. Among them, the EURCV, issued by Société Générale — FORGE, stands out as a solid and regulated initiative. At Lyzi, we believe in a future where stablecoin payments; simple, fast and secure, will be part of everyday life. The EURCV marks a key step towards this reality. Decryption.

What is EURCV?

EURCV (for Euro CoInvertible) is a stablecoin issued by Société Générale — FORGE, the blockchain subsidiary of the Société Générale group. It is a digital token pegged 1:1 to the euro, designed to work on the Ethereum blockchain. Its objective: to facilitate transactions in euros on blockchain networks while complying with European regulatory standards.

Key features:

• 100% collateralized : each EURCV is backed by one euro held in reserve by Société Générale.
• Transparency and compliance : the issuance and management of stablecoins follow a strict framework in accordance with regulatory requirements (MiCA in particular).
• DeFi compatible : based on Ethereum, EURCV is interoperable with Web3 applications.

Why is a euro stablecoin essential?

Until now, the stablecoin universe was largely dominated by dollar-backed tokens (USDT, USDC...). However, for European users, businesses and institutions, using a euro stablecoin is more natural, more practical, and more in line with local financial standards. This opens the way to concrete use cases: payments, inter-company settlements, decentralized finance (DeFi), online commerce, etc.

Towards the use of stablecoins in payments

Visa, Mastercard, Paypal, Société Générale... All are interested in this rapidly expanding market. Stablecoins allow cross-border transfers in a few minutes compared to 2 to 8 days via Swift (international system). Stablecoins offer returns (for example 3.7% for PayPal's in order to boost its adoption). In addition to famous stablecoins backed by the dollar likeUSDT and USDC, others are preparing Euro-backed tokens such as EURCV. The Tether stablecoin has more than 130 billion dollars in capitalization: it is a digital gold rush since each player has his share, his currency, his network. Although 1,900 cases of “de-pegs” were recorded in 2023, recalling fragile confidence, stablecoins are a challenge for Europe, encouraging a boom in use in dollarized areas.