Societe Generale to Launch US Dollar-Pegged Stablecoin on Ethereum and Solana
French banking heavyweight Societe Generale is stepping deeper into the world of digital assets with the launch of a U.S. dollar-pegged stablecoin, marking a significant move for traditional finance in Europe. The new asset, named USD CoinVertible (USDCV), will debut on both the Ethereum and Solana blockchains, making Societe Generale the first major European bank to issue a dollar-based stablecoin across two of the industry's leading networks.
Catherine Le Barillec
The coin will be issued through SG-Forge, the bank’s digital asset arm, and will feature custody services from U.S.-based banking giant BNY Mellon, according to a statement released Tuesday. The move follows SG-Forge’s earlier release of EUR CoinVertible (EURCV)—a euro-backed stablecoin that launched in April 2023.
A Strategic Step in a Dollar-Dominated Market
Jean-Marc Stenger, CEO of SG-Forge, called the dollar-backed token a “logical progression” in the firm’s digital currency strategy.
“The stablecoin market remains largely U.S. dollar-denominated,” Stenger said. “This new currency will enable our clients—whether institutions, corporates, or retail investors—to leverage the benefits of an institutional-grade stablecoin.”
The launch reflects the growing demand for stablecoins in global finance, especially those denominated in U.S. dollars, which currently dominate the sector. The stablecoin market recently topped $250 billion, led by Tether (USDT) and Circle’s USDC.
Regulatory Alignment and Institutional Credibility
USDCV will be issued under Europe’s Markets in Crypto-Assets (MiCA) regulation as an Electronic-Money Token (EMT). MiCA, which came into force in June 2023, standardizes crypto regulation across the EU and is seen as a milestone in global digital asset governance. SG-Forge’s compliance with MiCA sets it apart from many existing stablecoins, offering added regulatory assurance for institutional users.
The stablecoin will also benefit from the involvement of BNY Mellon, a trusted custodian in traditional finance, reinforcing its appeal to risk-conscious institutions and funds.
A Broader Trend Toward Bank-Issued Stablecoins
Societe Generale's move comes amid growing interest from traditional financial institutions worldwide. A recent report by The Wall Street Journal highlighted that several U.S. banks are in discussions to create a joint stablecoin platform. Stripe co-founder John Collison recently noted that "many banks" are exploring entry points into the stablecoin space.
Meanwhile, governments are moving forward with crypto regulation. In the U.S., lawmakers are advancing the GENIUS Act, while South Korea has proposed a stablecoin licensing system under its latest crypto bill.