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.