The French banking giant Société Générale is launching a US dollar-based stablecoin through its crypto subsidiary SG‑FORGE. This marks another major financial player entering the growing stablecoin market.
Société Générale announced that its subsidiary SG‑FORGE will launch a new stablecoin called USD CoinVertible (USDCV) on the Ethereum and Solana blockchains in July. The cryptocurrency is fully backed by US dollar reserves, which will be held in custody by BNY Mellon. This move extends the French bank’s previous milestone with the euro-based CoinVertible by now adding a dollar-pegged token to its offering, as reported by Reuters.
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US dollar-based stablecoin
According to SG‑FORGE manager Jean‑Marc Stenger, the dollar stablecoin is the “logical next step” following the launch of the euro version. The token will be regulated as an e-money token under EU law (MiCA) and is intended for both institutional and retail investors. Use cases include on-chain crypto trading, cross-border payments, currency exchange, cash and collateral management. Public tradability is planned on multiple exchanges.
The stablecoin market is booming, with a market capitalization of around USD 250 billion-dominated by Tether (USDT) and Circle (USDC). Société Générale's move marks the first foray of an established European bank into the dollar stablecoin space. While only EUR 41.8 million of the EURCV are currently in circulation, USDCV aims for broader reach. The choice of Ethereum and Solana signals flexibility and a strategic use of existing blockchain technologies.
Strategic significance and european positioning
With the dollar stablecoin, Société Générale is establishing itself as a European pioneer in the stablecoin sector. The partnership with BNY Mellon and the reference to MiCA compliance foster trust among institutional partners. At the same time, the token serves as a catalyst for cross-border payments and tokenized financial services, maintaining competitiveness with established crypto players like Tether.
The launch of USDCV could mobilize new momentum across the eurozone. Other banks, such as Deutsche Bank or Santander, are already investing in stablecoin initiatives and exploring tokens within the framework of European regulation. Combined with potential US regulation (Stablecoin Act in the US Congress), a global network of regulated, institutional-grade stablecoins could emerge-bringing value to corporate clients, retail investors, and decentralized applications alike.
