Kraken Lists SG-FORGE's EURCV Euro Stablecoin, With Societe Generale Acting as Market Maker
Kraken opened trading in Societe Generale-FORGE's MiCA-regulated EUR CoinVertible on 3 November, with Societe Generale providing liquidity as a market maker; the companies said EURCV is expected to become a cash leg for collateral in Kraken's crypto derivatives later, with no date given.
By Elena Marsh, Journalist, Stablecoins
Kraken listed EUR CoinVertible (EURCV), the euro stablecoin issued by Societe Generale-FORGE (SG-FORGE), with trading live from 3 November 2026, and Societe Generale itself will act as a liquidity provider for the token on the exchange. SG-FORGE, the bank's digital-asset subsidiary, said the arrangement makes Societe Generale one of the first major banks worldwide to act as a market maker in crypto markets.
The two companies also said EURCV is expected to be integrated into Kraken's crypto derivatives business later as the cash leg for collateral management. No date was given for that step.
What is live and what is not
Kraken's listing note says EURCV deposits and trading are live as of 3 November. It also sets two limits. Trading through the Kraken App and Instant Buy will open only once liquidity conditions are met, meaning enough buyers and sellers are in the order book, and geographic restrictions may apply.
Item — Status
EURCV deposits and trading on Kraken — Live from 3 November 2026 (per Kraken)
Kraken App and Instant Buy access — After liquidity conditions are met
Societe Generale as liquidity provider — Announced
EURCV as cash leg for collateral in Kraken derivatives — Expected "at a later stage", no date
EURCV is issued as an e-money token under the EU's Markets in Crypto-Assets (MiCA) regulation. According to SG-FORGE, as quoted by Kraken, each token is backed by euro-denominated collateral held in segregated accounts at Societe Generale, and SG-FORGE publishes daily reports on that collateral.
A bank making markets in its own group's token
The listing on its own is a distribution step. The more unusual part is Societe Generale's role. A token can be fully reserved and regulated and still trade thinly if no one quotes it continuously on the venues where crypto users trade. By committing its own market-making desk, Societe Generale is supplying that depth directly rather than waiting for crypto-native market makers to do so.
SG-FORGE frames the goal plainly, saying the move supports its ambition of making EURCV "the most liquid euro-denominated stablecoin globally". That is a stated ambition, not a current ranking, and neither company disclosed EURCV's circulating supply, expected volumes or the terms of the liquidity commitment.
The derivatives step, if it happens, would matter more for usage than the spot listing. A euro token accepted as the cash leg would give traders who hold euros a way to post collateral without converting into another currency first. Until Kraken confirms the integration, that remains a plan.
Distribution claims
The Kraken listing gives EURCV access to an exchange that SG-FORGE says serves millions of clients, a company description rather than a disclosed user count for the euro market. SG-FORGE describes EURCV as the first euro stablecoin issued by a subsidiary of a major European banking group to be available on Kraken.
Sources
Primary:
- SG-FORGE, SG-FORGE and Kraken partner to list EUR CoinVertible with Societe Generale as one of the liquidity providers, 3 November 2026
- Kraken, EURCV is available for trading!, 3 November 2026