French banking giant Societe Generale is launching a dollar-pegged stablecoin aimed at institutional users. The reserves will be held by one of the world’s largest custodians.
SG-FORGE, a subsidiary of Societe Generale, announced the launch of the USD CoinVertible (USDCV) stablecoin. The new asset is denominated in U.S. dollars and will be available on two public blockchain networks, Ethereum and Solana.
USDCV is designed for institutional use. The stablecoin’s backing will be held in fiat currency on custodial accounts at Bank of New York Mellon Corporation (BNY Mellon), one of the largest and most respected financial institutions globally. The composition and value of the reserves backing USDCV will be disclosed daily. Only highly liquid assets with strong credit ratings are selected as collateral, ensuring compliance with institutional quality standards. According to Jean-Marc Stenger, CEO of SG-FORGE, this approach guarantees transparency and liquidity of the reserves, as well as a high level of market trust in the asset.
USDCV is the second stablecoin in Societe Generale’s institutional token lineup. The first is the euro-pegged EUR CoinVertible (EURCV), issued in 2024 and approved under the MiCA regulation in 2025.
Holders of USDCV will be able to instantly convert fiat assets into digital tokens. USDCV will also provide 24/7 transaction access in U.S. dollars. The new stablecoin targets a wide range of use cases, including:
- cryptocurrency trading;
- cross-border payments;
- on-chain settlements;
- foreign exchange operations;
- collateral and liquidity management.
Like EUR CoinVertible, the new stablecoin is classified as an electronic money token (EMT) and fully complies with the European MiCA regulation, as SG-FORGE holds the appropriate license from the French Prudential Supervision and Resolution Authority (ACPR).
Trading of the new tokens is scheduled to begin in early July 2025. USDCV, like EURCV, won’t be available to U.S. users in accordance with international regulatory requirements.
The rising popularity of stablecoins amid institutional adoption was previously noted by Max Krupyshev, CEO of CoinsPaid. According to him, cryptocurrencies in general, and stablecoins in particular, are becoming an important tool for conducting international business. “Crypto is maturing. It used to be ignored or feared, but now it’s a convenient, global, and functional tool,” Max concludes.
In 2025, the world’s largest banks and FinTech companies are accelerating the launch of their own stablecoins to capture a share of the cross-border payments market. TradFi companies are also rapidly adopting stablecoins. The transaction volume using stablecoins reached $15.6 trillion in 2024.
