SocGen’s SG-FORGE signs up 15 crypto clients as Europe’s new rules draw banks deeper in

SG-FORGE, the digital asset arm of Société Générale, has onboarded 15 crypto-focused clients as Europe’s regulatory framework continues to attract more licensed firms seeking reliable banking access. The shift comes after the European Union implemented its new crypto rules last year.

According to CEO Jean-Marc Stenger, the client base spans exchanges, brokerage platforms, and digital wallet providers. He explained that the relationships built with crypto-native companies are now helping the bank extend traditional financial services into the sector more effectively.

He added that these partnerships are becoming a bridge, allowing established banking infrastructure to support businesses that were previously underserved by conventional institutions.

SocGen expands traditional banking into the crypto sector

Société Générale has been gradually increasing its footprint in digital assets. The bank introduced a euro-backed stablecoin in 2023, followed by a dollar-backed version in 2025. While some European banks are still testing blockchain-based solutions or waiting for clearer demand, SocGen has taken a more proactive approach.

Stenger noted that SocGen is not part of the group of around ten European banks — including ING, UniCredit, and BNP Paribas — that are preparing a joint euro stablecoin launch later this year. However, he confirmed that discussions with some of those institutions are ongoing.

Despite operating within the EU’s regulatory framework, adoption of SocGen’s stablecoins remains relatively modest. Its euro-pegged token currently has about €105 million in circulation, significantly smaller than major players like Tether and Circle’s USDC. Tether reports roughly $187 billion in supply, while USDC stands at about $78.6 billion.

Stenger suggested that this gap could shrink if European crypto firms begin favoring locally issued euro stablecoins, particularly to serve retail users or meet regional regulatory requirements. He also mentioned that stablecoins could eventually play a role in treasury operations and collateral management, although that use case is still developing.

Meanwhile, RBC Capital Markets recently indicated that most banks still view the current impact of stablecoins on liquidity and treasury functions as minimal.

Competition intensifies across blockchains and crypto markets

The slow adoption of stablecoins is unfolding alongside a broader competition over which blockchain networks will dominate future financial activity. A senior executive at VanEck recently described 2026 as a potential turning point, referring to it as a period of “corporate chain wars.”

The idea reflects a growing debate among institutions: whether to build on existing public blockchains like Ethereum or Solana, adapt existing infrastructure, or develop proprietary networks. This decision could significantly influence long-term competitive advantages across the financial sector.

At the same time, another race is emerging in the United States around perpetual crypto futures. Exchanges are positioning themselves ahead of possible regulatory approval from the Commodity Futures Trading Commission, which may allow broader access to these high-volume derivatives products.

Kraken’s parent company recently announced plans to acquire Bitnomial in a deal valued at up to $550 million, potentially expanding its presence in perpetual futures trading.

Coinbase has already introduced long-duration futures contracts designed to replicate the structure of perpetuals, while Robinhood has indicated it is exploring similar offerings in the U.S. market.

Data from CryptoQuant shows that trading volume in perpetual futures reached $61.7 trillion in 2025, marking a 29% increase compared to the previous year.

A significant portion of that activity has taken place on offshore platforms such as Hyperliquid, a blockchain-based exchange that has gained traction as a major venue for perpetual contracts tied to various crypto assets.