Tokenization of assets: new payment opportunities

Jean-Marc Stenger, CEO of SG-FORGE, reflects on key lessons learned from the deployment of SG-FORGE’s stablecoin, the EUR CoinVertible.

What are the key lessons learned from the EUR CoinVertible SG-FORGE initiative, and how do they shape the future of asset tokenization in payments?

Within SG-FORGE, we are always looking forward to further innovation, and 2024 was marked by an acceleration in the deployment of our stablecoin, the EUR CoinVertible. A strategy driven by a desire to offer next-generation, compliant crypto assets that promote transparency, security, and scalability. The Ethereum network was the first step, and in the recent months, we have announced several deployment plans:

• Solana network, with the aim of improving the user experience on various DeFi platforms and payment solutions, including a cross-border one and other decentralised applications. The Solana network stands out for its ability to handle tens of thousands of transactions per second (TPS), making it one of the fastest blockchains in the industry. This integration will allow users to send, receive, and trade the stablecoin with minimal costs and near-instant transaction finality, crucial attributes for fostering broader adoption of stablecoins in both retail and institutional markets.
• The secure and decentralised Layer 1 blockchain XRP Ledger (XRPL) enables the EURCV to benefit from the scalability, speed, and low cost of the XRPL but also its thriving community. An integration that once again meets our desire to leverage more institutional use cases, but also to offer new applications thanks to a credible asset to users and developers.
• And recently, the integration of the EURCV on Stellar represents a major step forward in the evolution of digital payments, offering users a more efficient way of storing and transferring value across borders while benefiting from an ultra-scalable network with advanced asset tokenization capabilities and minimal fees.

This multichain strategy is part of a global approach always aiming at bridging the gap between traditional finance and digital assets. The widespread adoption is also reinforced by an existing listing of the EURCV on platforms exchanges such as Bitstamp and Bitpanda, enabling institutional as well as retail investors to carry out a variety of trading operations while benefiting from the stability of a MiCA-compliant stablecoin. Having a MiCA-compliant stablecoin that embraces regulatory evolutions is definitely a game changer.

The stablecoin market is growing rapidly, and we strongly believe that uses will continue to expand notably beyond pure crypto trading. Cross-border payments are, for instance, likely to be one of the main growth drivers for euro stablecoins in the future. Many small and medium-sized businesses have already realised the benefits of using stablecoins. In fact, making international payments using traditional infrastructures can take a long time – between 1 and 2 days on average – whereas making them in stablecoins on the blockchain is instantaneous and inexpensive.

How can banks, merchants, and PSPs leverage tokenized assets to enhance payment efficiency and liquidity management?

The crypto market is entering a new dimension. We clearly see that the adoption is growing and in fact, many companies are already leveraging tokenized assets.

Awareness is also growing within banks. Banking competitors are moving fast to launch new offers on crypto assets following the entry into the application of MiCA. For instance, positive initiatives demonstrate growing adoption with Societe Generale clients such as the recent issue of the first digital green bond registered on the blockchain. An inaugural transaction that paves the way for the development of future market standards. Or more recently, the successful completion of a collateralised market transaction (repo) fully executed on the blockchain with the Banque de France through the Swift messaging system in December 2024.

What challenges do financial institutions face when integrating tokenized assets into traditional payment systems, and how can they overcome them?

The development of blockchain and crypto assets is about to change the rails of the financial system, benefiting from enhanced automation, better services, and productivity gains linked to faster and cheaper transactions.

Standardisation is an important matter for financial institutions and the challenge also lies on ensuring enforceable KYC/AML on crypto transactions.

How do regulatory frameworks impact the adoption of tokenized assets in the EU, and what should FIs consider when exploring this space?

The entry into force of the MiCA regime reshapes the market in the EU and opens up a window of opportunity.

This is the first time that we have a clear, homogeneous, relatively broad, and ambitious framework that is directly applicable throughout the EU. Competitive pressure will increase due to ambitious development plans of the existing players but also because of new foreign entrants for whom Europe now represents one of the most attractive markets in the world. MiCA has an extraterritorial dimension, meaning that its effects will extend beyond Europe.

 

This editorial piece was originally published in The Paypers’ Web 3 Payment Acceptance Report 2025. The report highlights the current landscape of Web 3 payments, including their rapid growth, high adoption rates, and underlying drivers. It also explores key players in the field, regulatory advancements, the role of AI in crypto and blockchain, and more.

 

About the author

Jean-Marc Stenger is CEO of SG-FORGE, a fully integrated subsidiary of Societe Generale providing end-to-end solutions for crypto assets issuance, trading and custody, backed by bank-grade security and regulatory compliance. SG-FORGE is the issuer of CoinVertible, a European MiCA-compliant stablecoin.

Jean-Marc is a member of the consultative commission of the French Autorité des Marchés Financiers (AMF).

 

About SG-FORGE

Societe Generale-FORGE is an integrated and regulated subsidiary of the SG Group licensed as an investment firm and authorised to provide MiFID II investment services under the supervision of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the AMF. SG-FORGE is authorised as an electronic money institution by the ACPR, registered and licensed as a digital asset service provider (DASP) and the issuer of the EUR CoinVertible a MiCA-compliant stablecoin.