Stanislas de Maistre, General Partner at Belem Capital, returned to BFM Business to detail the firm's significant Q3 progress, highlighted by the partnership between MEV Capital (GP of the fund) with Société Générale-Forge and the growing attractiveness of the fund to major names of the banking industry.
Paris, 29 September 2025
Stablecoin Market in Hyper-Growth: Addressing the Major Dollar Imbalance.
The interview with Stanislas de Maistre, General Partner at Belem Capital, began by establishing the dramatic growth in the stablecoin sector. The market has surpassed $300 billion in capitalization, with projections suggesting it could reach $2 trillion within three years.
However, Mr. de Maistre was quick to point out the critical asymmetry: the overwhelming dominance of the US dollar, which accounts for 97% of the market.
"The US is winning the stablecoin battle," he analyzed. The Euro's share, hovering around 0.19%, faces a structural imperative for growth.
Strategic Partnership: Belem's Expertise Powers the EuroCV Initiative.
Belem Capital leverages the expertise of its technology-driven manager, MEV Capital, which has been mandated as the on-chain asset manager and distribution partner for theSociété Générale - Forge's EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoins.
This critical role, which includes supervising lending vaults on DeFi protocols like Morpho and acting as a risk manager, validates the advanced methodology employed by the Belem Capital fund.
Mr. de Maistre emphasized the importance: "This partnership marks a decisive step, enabling one of the largest European banking groups to operate natively on public blockchains, within a fully regulated framework."
MiCA Compliance and Institutional Attractiveness.
The General Partner confirmed that institutionalization is being driven not only by partnerships but also by investor demand. Syz Capital, the Swiss alternative asset manager, has joined the fund's institutional base, allocating capital through its Syz Capital BTC Alpha Fund and SyzCrest Uncorrelated vehicles.
Crucially, MiCA compliance remains the decisive selection factor, even when faced with the enormous liquidity of competitors like Tether.
"For the management of our institutional fund, regulatory compliance is our primary criterion... This means we cannot use Tether's USDT. Circle's USDC is the asset we deem MiCA compliant for this type of allocation" the General Partner stated.
This regulatory discipline, prioritizing security over gross liquidity, has attracted sophisticated clients like Banque Syz, which has become a major client of the firm.
Regulatory Context: The BCE's Digital Euro.
The discussion concluded by touching on the European Central Bank's (ECB) digital euro project. Mr. de Maistre suggested that regulated private initiatives, such as the SG-Forge/MEV Capital partnership, could serve as an accelerator by demonstrating market maturity to regulators.
Watch the Interview
The full analysis by Stanislas de Maistre is available for replay on BFM Business:
About Belem Capital.
Belem Capital is a Luxembourg-based investment vehicle powered by MEV Capital, a technology-driven manager with over $1.8B in digital assets under management and custody.
Media contact - press@belemcapital.com
Disclaimer: This update is for information only and does not constitute an offer or solicitation to invest. Any subscription is subject to current legal documentation and applicable distribution restrictions.
Belem Capital is a Special Limited Partnership based in Grand Duchy of Luxembourg, under registration with the Register of Commerce and Corporations, with head office located 152 Boulevard de la Pétrusse, L-2330 Luxembourg.
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