Safe Labs – the startup behind the multi-signature wallet Safe{Wallet} – announces a new initiative to help users easily access and earn yields with EUR CoinVertible (EURCV), a euro-pegged stablecoin issued by a French bank.
Accordingly, users can build on-chain euro-denominated savings accounts and earn yields from DeFi strategies. CEO Rahul Rumalla said the demand for high-quality yield infrastructure for euro stablecoins is increasing, similar to what exists with USD-pegged stablecoins, especially among institutional clients managing large funds.
As part of the initiative, Safe will enable connection to a dedicated vault for EURCV on the decentralized lending protocol Morpho. Yields will be paid directly to users’ Safe wallets. This vault leverages expertise from Steakhouse Financial to select profit-generating opportunities in DeFi.
EURCV is a euro-pegged stablecoin compliant with EU MiCA regulations, issued by Societe Generale-FORGE, a subsidiary of Société Générale.
Steakhouse will oversee the deployment of EURCV into the Safe Morpho vault, including setting risk parameters and a list of eligible collateral assets, aiming to optimize capital allocation. It is also one of the largest vault managers on Morpho.
Safe, originating from a non-custodial wallet project spun off from Gnosis, reported a fivefold increase in revenue in 2025, handling approximately $600 billion in transaction volume. Safe’s multisig solution based on smart contracts is now considered the security standard for many DAOs, funds, and organizations in the crypto space.
With a strategic goal of reaching $100 million in annual recurring revenue by 2030, Safe is expanding into new areas. Last November, Safe partnered with Hypernative to integrate automated transaction protection mechanisms and direct policy control within the wallet.
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