Societe Generale Unveils US Dollar-Pegged Stablecoin on Ethereum and Solana

Societe Generale has introduced USD CoinVertible (USDCV), a US dollar-backed stablecoin designed for institutional clients and fully compliant with MiCA regulations.

USDCV will launch on the Ethereum and Solana blockchains, and trading will begin in July 2025. The Bank of New York Mellon will serve as custodian for its reserves.

New Institutional Stablecoin Prioritizes Regulatory Compliance

Societe Generale-FORGE, a regulated arm of France’s Societe Generale bank, has officially announced the launch of USD CoinVertible (USDCV). This stablecoin targets only institutional users and is unavailable to US residents.

Running on Ethereum and Solana, USDCV offers fast settlement and enhanced interoperability for institutional markets.

The timing aligns with rising demand for regulated digital assets. Each USDCV is pegged to the US dollar, with reserves held by The Bank of New York Mellon. 

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin” said Jean-Marc Stenger, Chief Executive Officer of Societe Generale – FORGE.

Societe Generale-FORGE’s approach ensures strict supervision and transparency, meeting the evolving needs of European and global markets.

The French baking giant’s crypto arm will provide daily public updates detailing the composition and value of reserves. These disclosures will be readily available via their collateral disclosure page, allowing stakeholders to verify collateralization in real time.

The Bank of New York Mellon’s custodianship adds another degree of security, supporting Societe Generale-FORGE’s reputation for institutional-grade asset management. 

This USD-backed launch follows the earlier success of EUR CoinVertible, Europe’s first institutional stablecoin on a public blockchain, introduced in April 2023. That initiative demonstrated Societe Generale-FORGE’s expertise in regulatory compliance and digital infrastructure. 

The news comes as the US Department of the Treasury predicts that the stablecoin market could reach a market capitalization of $2 trillion by 2028. It was also reported that major US financial institutions, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other commercial banks, are engaging in preliminary discussions to launch a stablecoin jointly. 

Meanwhile, stablecoins are gaining significant traction across Asia as well.