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.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
