[ARFC] Onboard EURCV to Aave V4 Core Instance on Ethereum

Governance
1

Summary

This proposal seeks to onboard EUR CoinVertible (EURCV) to the Aave V4 Core Instance on Ethereum. Final asset configuration will be determined by the Risk Service Providers.

Motivation

EURCV is a stablecoin denominated in euro, issued by SG-FORGE (Societe Generale-FORGE), a subsidiary of Societe Generale Group. EURCV operates under the EU Markets in Crypto-Assets (MiCA) framework as an electronic money token, with reserves held 1:1 in euro and subject to periodic attestations.

Onboarding EURCV to the Aave V4 Core Instance is aligned with the DAO’s long-term objectives in several ways:

  • It introduces a stablecoin issued by a regulated banking group, broadening the range of collateral available on the Aave V4 Core Instance beyond dollar denominated assets.
  • It gives users exposure to a compliant, euro denominated stablecoin, supporting demand from European and institutional participants seeking currency diversification within the Aave ecosystem.
  • It complements the Aave V4 Core Instance’s existing composition, adding a regulated, non-crypto-native stablecoin alongside its current listings.

Specification

This proposal adds EURCV to the Aave V4 Core Instance on Ethereum.

Token Address: 0x5F7827FDeb7c20b443265Fc2F40845B715385Ff2

Risk Parameters and final configuration will be updated by Risk Service Providers and ARFC will be updated accordingly.

Useful Links

Disclaimer

This proposal was prepared by Aave Labs in its capacity as a contributor to the Aave ecosystem. Aave Labs has no financial relationship with SG-FORGE (Societe Generale-FORGE) or its affiliates, including Societe Generale Group, and has not received compensation from SG-FORGE in connection with this proposal.

Next Steps

  1. Gather community feedback during the ARFC stage.
  2. Service Providers to post Asset Technical Assessment and Asset Risk Assessment.
  3. If the ARFC response is positive, escalate to Snapshot for off-chain confirmation.
  4. Execute the corresponding transaction through the V4 Security Council to onboard EURCV to the Aave V4 Core Instance on Ethereum.

Copyright

Copyright and related rights waived via CC0.

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Some liquidity context from DefiLlama as of today, September 16. EURCV circulates 188.2M EUR of a 810.1M euro stablecoin segment, second behind EURC at 467M. On Ethereum DEXs, DefiLlama tracks two EURCV pools on Uniswap v3, EUROC-EURCV at 5.8M and EURCV-USDC at 3.4M, about 9.2M combined. The deepest EURCV venue it tracks is on Morpho, the Steakhouse EURCV vault at 141.6M. All figures reproducible from the DefiLlama stablecoins and yields endpoints. A question for the Risk Service Providers when parameters are drafted. How will initial caps weigh the MiCA redemption right at par against this level of secondary depth?

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Summary

LlamaRisk conditionally supports the listing of EURCV on Aave V4, pending the launch of the bug bounty program. The Euro-denominated asset represents a 1:1 reserve-backed stablecoin issued by Societe Generale-Forge, which holds its underlying collateral in a segregated account managed by Societe Generale. EURCV operates similarly to other centrally issued stablecoins, with the issuer ultimately retaining access control privileges and a gated minting/redemption flow accessible only to KYC/KYB entities and, more broadly, via secondary markets and partners.

Offchain and onchain mechanisms control the assets’ collateralization, with automated systems enabling continuous minting/redemption flows for permissioned users (Preferred partners and the issuer). No bug bounty is currently active, and the team indicates that one will be introduced. Reserve attestations are currently reported by the issuer, with audited 3rd party attestations to be introduced. EURCV has kept a relatively tight peg to the Euro, comparable to EURC since its introduction in late 2025.

The full assessment can be found in its corresponding thread.

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