French Banking Giant Societe Generale Announces USD CoinVertible Launch
French banking giant Societe Generale announced on Tuesday that it will issue the USD CoinVertible (USDCV) on the Ethereum and Solana blockchains through its subsidiary SG-Forge, which focuses on cryptocurrency operations.
According to a press release, USDCV is the second stablecoin product issued by SG-Forge, following the launch of the Euro CoinVertible (EURCV) in April 2023. The Bank of New York Mellon (BNY Mellon) will be responsible for the custody of the reserve assets for USDCV.
SG-Forge will offer customers around-the-clock instant exchange services between fiat currencies and stablecoins, enabling real-time trading of US dollars and euros. The service will support other customer activities, including cryptocurrency trading, cross-border payments, on-chain settlements, collateralization, and cash management. The company stated that USDCV will be listed on major exchanges, with trading expected to commence in early July.
SG-Forge CEO Jean-Marc Stenger noted that launching a dollar-pegged product is the “obvious next step,” given the dollar’s overwhelming dominance in the global stablecoin market. He stated:
“Both of these crypto tokens pegged to fiat currencies issued by SG-Forge are ‘Electronic Money Tokens’ (EMTs) compliant with the EU’s Markets in Crypto-Assets Regulation (MiCA).” MiCA came into effect in June 2023, providing a unified regulatory framework for digital assets across Europe.
