Bullish, regulated in Germany under BaFin and compliant with the EU’s MiCA framework, is the first exchange to list the token.

The launch pairs Société Générale with Bank of New York Mellon as custodian and follows the French bank’s earlier rollout of a euro-pegged coin, EUR CoinVertible, aimed at institutional use. Unlike many foreign stablecoins still in regulatory limbo, both SG-Forge tokens carry e-money designations under MiCA, allowing them to circulate freely across the European Union.

The timing underscores a broader European push. In recent months, the region has seen the debut of EURAU — a euro stablecoin backed by Deutsche Bank’s DWS and Galaxy Digital — and the Paxos Global Dollar, which operates under MiCA and additional oversight from regulators in Finland and Singapore.

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But enthusiasm is tempered by warnings from policymakers. ECB President Christine Lagarde and senior officials at the Bank of Italy have cautioned that dollar-denominated stablecoins issued outside the bloc could undermine Europe’s financial system. Some have gone so far as to argue they pose a bigger long-term threat to the euro than U.S. tariffs.

For Société Générale-Forge, however, the Bullish listing is a signal that European banks are ready to test how blockchain-based money fits into the traditional system. And for Europe, it’s another step in positioning itself as a global hub for regulated digital assets.

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