French banking giant Société Générale confirms launch of new stablecoin on Ethereum and Solana

Key Takeaways

• Société Générale-Forge plans to launch USD CoinVertible, a US dollar stablecoin, on Ethereum and Solana.
• BNY Mellon will act as the reserve custodian for USDCV, and trades will start in July.

SG Forge, the digital assets subsidiary of French banking powerhouse Société Générale, announced on Tuesday the launch of USD CoinVertible, a US dollar-backed stablecoin, on Ethereum and Solana.

The Bank of New York Mellon Corporation (BNY) will serve as the reserve custodian for the stablecoin, which will go live under the ticker USDCV, SG Forge stated.

The announcement follows a May report from The Big Whale suggesting SG Forge was preparing to launch a dollar-backed stablecoin on Ethereum. The report also indicated the bank’s plans to extend the stablecoin to other networks such as Solana.

With this move, Société Générale will become one of the first global banking groups to issue a dollar stablecoin on a public blockchain.

SG Forge’s upcoming dollar stablecoin will be its second major initiative in the space. The firm first launched EUR CoinVertible (EURCV) in April 2023 on Ethereum, offering a euro-denominated token tailored to institutional clients. That move helped define SG Forge’s regulated digital asset approach, though it remained euro-focused.

With the USDCV, SG Forge is pivoting toward the much larger and more competitive dollar stablecoin market.

Trading of USDCV is expected to begin in early July, offering institutional, corporate, and retail investors instant 24/7 conversion between fiat currencies and stablecoins. Access to the stablecoin will be limited to non-US clients.

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Société Générale–Forge, as market adoption of stablecoins is growing exponentially,” said Jean-Marc Stenger, CEO of Société Générale– Forge.

Both stablecoins are designed as Electronic-Money Tokens (EMT) compliant with the European Markets in Crypto-assets (MiCA) regulation. SG Forge maintains its license as an Electronic Money Institution from France’s Autorité de contrôle prudentiel et de résolution (ACPR).

“We are excited to advance the stablecoin market as the trusted infrastructure for the growing and dynamic digital asset economy,” said Carolyn Weinberg, Chief Product Innovation Officer at BNY. “The cash market is undergoing a massive transformation, and stablecoins with 24/7 capabilities are catalyzing much of this change.”