Jack Paul 
Bank-Issued Stablecoins Enter DeFi Routing
1inch has made a significant move by integrating Flowdesk as a resolver for Societe Generale–FORGE’s stablecoins. This integration allows 1inch Swap to route liquidity for both EURCV and USDCV, bringing bank-issued, MiCA-compliant stablecoins directly into the aggregator’s routing system. Traders now have access to Euro- and USD-denominated liquidity across major blockchains through this new arrangement.
Flowdesk, a Paris-based liquidity provider registered with France’s Autorité des Marchés Financiers, will join the 1inch resolvers network. They’ll handle order execution and liquidity for both stablecoins. The company’s regulated status and institutional infrastructure make them particularly suited for this role. Flowdesk describes itself as providing institutional-focused solutions across both on-chain and centralized trading venues, positioning itself as the primary on-chain counterparty for these stablecoins on 1inch.
Understanding the Stablecoins
EURCV and USDCV come from SG-FORGE, which is Societe Generale’s digital assets division. The tokens are presented as compliant with the European MiCA framework, which is important given the regulatory environment. These stablecoins are available on major blockchain networks including Ethereum and Solana. According to SG-FORGE’s documentation, they’re fully backed and transparently collateralized CoinVertible tokens designed for both institutional and retail use cases.
Societe Generale’s entry into dollar- and euro-denominated stablecoins has been closely monitored since the bank first launched EURCV and later announced USDCV this year. This represents a significant step for traditional banking institutions moving into the digital asset space.
Market Context and Timing
The timing of this integration reflects broader market trends. 2025 has seen what many are calling “stablecoin summer,” with transfer volumes reaching levels that have captured attention from both regulators and traditional finance companies. Industry reports indicate annual stablecoin transfer volumes have climbed into the tens of trillions, showing how quickly tokenized cash is becoming part of mainstream financial operations.
For market participants, having regulated, bank-backed stablecoins available on major DeFi aggregators represents an important development. It combines the on-chain utility of stablecoins with the compliance and trust that institutional users typically require. This might be particularly appealing for organizations that have been hesitant to engage with DeFi due to regulatory concerns.
Practical Implications for Users
For 1inch users, the integration means that swaps involving EURCV or USDCV can now route through Flowdesk’s liquidity via the resolver network. This could potentially lead to tighter spreads and better execution for euro- and dollar-denominated trades. For SG-FORGE and its bank-backed tokens, the integration expands distribution channels, giving token holders and market makers additional venues for trading and settlement within DeFi ecosystems.
It’s worth noting that 1inch remains a non-custodial routing interface in this arrangement. The platform doesn’t issue, redeem, or custody EURCV or USDCV – it simply provides routing capabilities. This distinction matters for users concerned about custody and control of their assets.
This move follows broader industry activity where banks and regulated entities are experimenting with tokenized currency systems. It places 1inch among a growing number of DeFi infrastructure projects working to support regulated, institution-grade assets. As stablecoin adoption continues to grow across retail, institutional, and regulatory fronts, integrations like this one will likely influence how traditional liquidity providers and DeFi aggregators work together. The goal seems to be creating pathways for institutions to operate on-chain while maintaining regulatory compliance.