Societe Generale Launches USD Stablecoin on Ethereum, Solana

Societe Generale is set to make a significant impact in the digital currency space with the upcoming launch of USD Coinvertible (USDCV), a dollar-denominated stablecoin that will operate on both Ethereum and Solana blockchains. This strategic expansion builds upon the French banking giant’s successful introduction of EUR Coinvertible (EURCV) in April 2023, demonstrating the institution’s growing commitment to blockchain-based financial solutions. The new stablecoin will offer 24/7 conversion capabilities between traditional fiat currencies and digital assets, addressing the increasing demand for institutional-grade cryptocurrency products.

The partnership with BNY Mellon as the reserve custodian adds significant credibility and security to the USDCV launch, leveraging the American financial services firm’s extensive experience in asset management and custody services. SG-FORGE, Societe Generale’s crypto-focused subsidiary, has designed the stablecoin to serve multiple use cases including cross-border payments, foreign exchange transactions, onchain settlements, and comprehensive cash management solutions. The token will be accessible to institutional clients, corporations, and retail investors through various brokers and payment providers, with established market makers providing essential liquidity support.

Regulatory compliance remains a cornerstone of Societe Generale’s stablecoin strategy, with USDCV classified as an electronic money token under the European Union’s Markets in Crypto-Assets (MiCA) framework. SG-FORGE operates under proper licensing as an Electronic Money Institution through France’s financial regulatory authority, ensuring full compliance with European standards. The company has committed to daily public disclosure of collateral composition and valuation, maintaining transparency standards that exceed many competitors in the stablecoin market.

Jean-Marc Stenger, CEO of SG-FORGE, emphasized that launching a USD-denominated stablecoin represents a natural progression given the dollar’s dominance in the global stablecoin market, which continues experiencing exponential growth. The initiative reflects broader trends in traditional banking, where established financial institutions are increasingly embracing digital asset infrastructure to serve evolving client needs. With trading expected to commence in early July, USDCV positions Societe Generale as a major player in the institutional stablecoin sector, potentially capturing significant market share from both traditional and crypto-native competitors.

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