Société Générale launches USDCV stablecoin on Ethereum and Solana

• Stablecoin USDCV to Launch on Ethereum and Solana
• Société Générale expands its presence in the stablecoin market
• BNY Mellon to act as custodian for USDCV stablecoin

Société Générale–Forge, the digital assets subsidiary of French banking group Société Générale, confirmed this Tuesday the launch of its new stablecoin, USD CoinVertible (USDCV), which will be available on the Ethereum and Solana networks.

Societe Generale's blockchain unit, Societe Generale-FORGE, introduces USDCV, a stablecoin tied to the US dollar. This follows their 2023 euro-backed stablecoin, signaling a shift from observation to active involvement in digital currency by traditional finance. pic.twitter.com/3tgha9bzzj

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The token will be backed by the US dollar, and the Bank of New York Mellon will act as custodian of the reserves that guarantee the value of the digital asset. Trading is scheduled to begin in early July, with a focus on institutional, corporate and retail investors outside the United States.

With this move, Société Générale is among the first global banks to issue a dollar-backed stablecoin on public blockchains. The initiative follows the launch of EUR CoinVertible (EURCV), a digital asset pegged to the euro launched in April 2023 on the Ethereum network.

Both USDCV and EURCV are structured as Electronic Money Tokens (EMT) in compliance with the European Union’s MiCA (Markets in Crypto-Assets) regulation. SG Forge is registered as an Electronic Money Institution with the French regulatory authority ACPR.

According to Jean-Marc Stenger, CEO of SG–Forge, “Following the launch of a MiCA-compatible EUR stablecoin (EURCV), launching a US dollar version (USDCV) was the obvious next step for Société Générale–Forge, as market adoption of stablecoins is growing exponentially.”

USDCV will offer instant conversion between fiat currencies and the stablecoin, operating 24 hours a day, seven days a week. Access will be restricted to customers outside the U.S., in line with international regulatory requirements.

BNY Mellon’s Chief Product and Innovation Officer, Carolyn Weinberg, commented on the relevance of the initiative: “We are excited to advance the stablecoin market as the trusted infrastructure for the growing and dynamic digital asset economy.”