French crypto neobank Deblock has just announced the launch of a current account paying 4% interest per year — an audacious promise built on decentralized finance (DeFi) and Société Générale's euro stablecoin. It's a direct shot at traditional banks and mainstream neobanks alike.
How It Works: 4% Yield via DeFi
Unlike a standard savings account or term deposit, Deblock's current account operates through an unusual mechanism: euros deposited are automatically converted into EURCV, the euro-pegged stablecoin issued by Société Générale. These tokens are then deployed into decentralized finance protocols, where they generate yield.
The advertised rate is 4% gross per year — nearly three times the current French Livret A rate (1.5% as of early 2025). Deblock does, however, note that this rate "may evolve over time", as it tracks liquidity conditions in crypto markets. In other words: this is DeFi, not a government-regulated fixed rate.
"With this 4% current account, we're finally giving our users what traditional banks have refused to offer for decades: real, immediate returns, with no conditions and no caps." — Jean Meyer, CEO of Deblock
Who Is Deblock?
Founded in April 2024 by alumni of Revolut and Ledger, Deblock has positioned itself from the start at the intersection of crypto and traditional banking. The company now claims over 300,000 customers, making it one of the most established crypto-native players in the French-speaking market.
In 2025, Deblock received its European MiCA licence from France's AMF (Autorité des marchés financiers), allowing it to operate across all EU member states. This is a significant regulatory milestone — and a powerful trust signal for users still wary of the crypto sector.
A Rare Offer in Europe
Interest-bearing current accounts remain genuinely unusual in most European markets. Most banks rely on regulated savings vehicles (like France's Livret A) rather than offering yield directly on current accounts. A handful of players stand out:
| Provider | Rate | Type |
|---|---|---|
| Deblock | 4% (variable) | Current account via DeFi / EURCV |
| CCF | 3% gross/year | Current account (limited period) |
| Trade Republic | ~2% (ECB rate) | Interest-bearing account |
| Livret A | 1.5% | Regulated savings (France only) |
Deblock tops this comparison — but only if you're comfortable with the underlying DeFi exposure.
Tax Treatment: Flat Tax Applies
One important caveat: interest earned through this account is subject to the French PFU (Prélèvement Forfaitaire Unique), also known as the flat tax, at 30% (12.8% income tax + 17.2% social contributions). This brings the effective net yield down to approximately 2.8% after tax for a standard French taxpayer.
That's still ahead of the Livret A (which is tax-exempt, but capped at €22,950). And unlike the Livret A, there is no deposit cap — a potential advantage for savers with larger sums to park.
Key Takeaways Before You Jump In
The upsides:
- 4% gross — the highest rate on a current account in the French market
- No conditions, no deposit cap
- MiCA-licensed: solid EU regulatory framework
- Instant liquidity (it's a current account, not a locked deposit)
The watch-outs:
- Variable rate, tied to DeFi liquidity — no guarantee it stays at 4%
- Your euros are converted into EURCV stablecoin — not "traditional" euros
- Subject to 30% flat tax, unlike regulated savings products
- Inherent DeFi risks: smart contract exposure, potential stablecoin depeg
Our Take
Deblock's move is consistent with its broader vision of bridging traditional finance and crypto. By using Société Générale's EURCV — rather than an opaque third-party stablecoin — the company is making a deliberate play for credibility while offering yields that legacy banks structurally cannot match.
This offer is best suited for crypto-literate users who understand DeFi mechanics and can stomach some rate variability. For more conservative savers, the simplicity and state-backed guarantee of a Livret A will likely remain more appealing.
But in a landscape where neobanks are steadily eating into traditional banks' market share and DeFi is slowly going mainstream, Deblock is positioning itself smartly at the cutting edge of a trend that could accelerate fast.
This article is for informational purposes only and does not constitute investment advice. DeFi yields carry inherent risks. Please consult a financial advisor before making any decisions.