Societe Generale to Launch U.S. Dollar Stablecoin on Ethereum and Solana
Societe Generale, a leading French financial institution, has revealed plans to introduce a stablecoin pegged to the U.S. dollar, named USD CoinVertible (USDCV), on the Ethereum and Solana blockchains.
This move could make the bank the first major European bank to launch a stablecoin of this kind.
The USDCV will be issued via SG-Forge, the bank’s subsidiary focused on cryptocurrencies, with custody arrangements managed by BNY Mellon, a New York-based financial services company, according to an announcement made on Tuesday.
This new stablecoin builds on SG-Forge’s earlier euro-pegged stablecoin, EURCV, which was launched in April 2023.
Jean-Marc Stenger, CEO of SG-Forge, commented that launching a dollar-backed digital asset was a logical progression, largely due to the dominant role of the U.S. dollar in the global stablecoin landscape.
Both the euro and dollar-pegged stablecoins issued by SG-Forge are designed in accordance with Europe’s Markets in Crypto-Assets (MiCA) regulation, where they are classified as Electronic-Money Tokens (EMTs). MiCA, which became active in June 2023, aims to establish comprehensive regulatory standards for crypto assets in Europe.
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