French bank Societe Generale to launch US dollar-pegged stablecoin on Ethereum and Solana
Quick Take
- The Bank of New York Mellon Corporation (BNY) will custody reserves for the new stablecoin dubbed USD CoinVertible.
- Societe Generale would become the first major European bank to launch a U.S. dollar-pegged coin.
French banking giant Societe Generale announced plans to launch a U.S. dollar-pegged stablecoin called USD CoinVertible (USDCV) on Ethereum and Solana, potentially becoming the first major European bank to do so.
The USDCV coin will be issued through SG-Forge, Societe Generale’s crypto-focused subsidiary, with custody services provided by New York-based BNY, according to a statement released Tuesday. USDCV follows SG-Forge’s euro-denominated stablecoin EURCV, which debuted in April 2023.
SG-Forge CEO Jean-Marc Stenger said that creating a dollar-backed product was an “obvious next step,” driven by the overwhelming dominance of U.S. dollars in the global stablecoin market.
“The stablecoin market remains largely US dollar-denominated,” Stenger remarked. “This new currency will enable our clients, either institutions, corporates, or retail investors, to leverage the benefits of an institutional-grade stablecoin.”
Both fiat-pegged crypto coins issued by SG-Forge comply with Europe’s Markets in Crypto-Assets (MiCA) regulations as authorized Electronic-Money Tokens (EMTs). MiCA, which went into effect in June 2023, provides a unified regulatory framework for digital assets across European jurisdictions.
Regulation and stablecoin boom
USDCV’s announcement aligns with growing interest from traditional financial institutions globally. A recent Wall Street Journal report noted major U.S. banks exploring a joint stablecoin venture. Stripe co-founder John Collison also said several banks were "very interested" in stablecoin integration.
Meanwhile, the stablecoin market surpassed $250 billion for the first time earlier this month, led by Tether (USDT) and Circle (USDC), according to The Block’s data. Also, regulation has seen progress in the U.S. and worldwide. Policymakers in Washington have advanced the GENIUS Act despite controversy over President Donald Trump’s crypto ties. South Korean rulemakers also proposed a stablecoin licensing process in a new crypto bill.
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