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Spiko is proud to announce its integration with the Morpho protocol and a new partnership with Société Générale–Forge (SG Forge), the digital asset subsidiary of Société Générale.
As the first in France to secure a MiCA license for launching tokenized e-money (a.k.a. stablecoins), and the first in Europe to introduce tokenized money market funds, SG Forge and Spiko have been pioneers in financial innovation.
Today, we are joining forces to unlock new utility enabled by the efficiency of blockchain-based finance: instant, on-demand liquidity for money market fund shareholders and new yield opportunities for stablecoin holders.
Through Morpho’s infrastructure, users can borrow EURCV or USDCV, SG Forge’s MiCA-compliant stablecoins, using EUTBL or USTBL, Spiko’s tokenized money market fund shares, as collateral.
Money market funds are a cornerstone of treasury management. Built to be low-risk and highly liquid, they are treated as cash equivalents on the balance sheet and deliver yields that closely track money market rates or central bank policy rates. Tokenization makes them even more powerful, enabling instant transfer of fund shares and transparent record-keeping on a shared ledger.
But the missing piece has long been true round-the-clock liquidity. MMF investors are typically constrained by cut-off times, often waiting a day or more to access cash. Now MMF shares can be turned into stablecoins instantly, 24/7, through collateralization.
Treasurers and savers who need euro or dollar liquidity no longer have to sell their MMF shares. Instead, they can use them as collateral, retaining fund exposure, continuing to earn yield, minimizing counterparty risk, and unlocking cash on demand.
Conversely, this creates new opportunities to earn yield on stablecoins.
Instead of letting their cash sit idle, EURCV or USDCV holders can indeed put them to work by funding loans backed by high-quality collateral and earning a yield in return.
Behind the scenes, Morpho’s matching engine efficiently connects borrowers with the best rates while optimizing returns for lenders.
The principle is simple. Borrowers hold assets they wish to keep on their balance sheet or in their portfolio but need liquidity. Lenders, on the other hand, have cash and want to put it to work. Borrowers pledge their assets as collateral and receive loans from lenders, paying interest that is passed on to the lenders.
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All loans are overcollateralized, a concept commonly known in finance as Lombard lending. Borrowers cannot borrow more than the value of their collateral, and the more volatile the collateral, the lower the permissible loan amount. The key difference here compared to traditional Lombard loans is automation: the process is extremely fast and available 24/7.
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For the most part, Lombard loans remain the preserve of a small elite: commercial banks that refinance with the central bank; hedge funds that obtain financing from their prime brokers; and high-net-worth individuals who secure similar funding through private banks.
Today’s announcement marks the first step in our journey to make Lombard loans accessible to everyone. Starting with money market fund shares, we’re unlocking a broader vision: virtually any financial instrument can serve as collateral to access cash, offering value and flexibility to all asset holders.
👉 You can read SG Forge’s official press release here.
Morpho is an open lending protocol built on public blockchains. It lets holders of eligible assets borrow liquidity using their assets as collateral, while lenders provide funds to earn a return under transparent, automated risk rules.
Société Générale–Forge is the digital asset subsidiary of Société Générale, focused on the issuance and management of tokenized financial assets. It issues two MiCA-regulated stablecoins: EURCV and USDCV.
Spiko is transforming the cash-management landscape, providing businesses and savers with access to risk-free rates through money market funds that accrue daily interest while preserving full liquidity. Leveraging blockchain technology, Spiko is creating the next-generation infrastructure for regulated asset management and capital markets, turning compliant, programmable finance into a reality.
[Paris], [September 23, 2025] Spiko is partnering with Société Générale–Forge (SG Forge) to give money market fund shareholders 24/7 access to stablecoin liquidity through Morpho’s lending-borrowing protocol. This integration marks the first step toward democratizing Lombard loans across all types of financial instruments.
The system runs on Morpho, an autonomous borrow–lend protocol launched in 2021, which today secures more than $4.3 billion in outstanding loans.
The Loan-to-Value ratio (LTV) measures how much a borrower can borrow relative to the value of their collateral. It is calculated as:
LTV = (Loan Amount) ÷ (Collateral Value)
The Limit LTV (LLTV) is the maximum allowable ratio. If the collateral’s value declines and the loan-to-value ratio exceeds the threshold, a portion of the collateral is automatically liquidated to repay the loan.
For Spiko’s tokenized MMFs, the LLTV is 96.5%. This means that for every €100 of EUTBL or $100 of USTBL posted as collateral, one can borrow up to €96.5 in EURCV or $96.5 in USDCV.
To better understand the world of cash management, explore our blog!
