SocGen Launches USD-Pegged Stablecoin on Ethereum and Solana

• Société Générale launched a USD-pegged stablecoin, USDCV, on Ethereum and Solana, following its EUR-backed EURCV.
• USDCV is MiCA-compliant and backed by assets custodied by BNY Mellon, enhancing institutional trust.
• Stablecoins are becoming central to banking innovation, with global circulation projected to reach $2.8 trillion by 2028.

French banking powerhouse Société Générale, through its crypto subsidiary SG-Forge, has launched a U.S. dollar-pegged stablecoin, USD CoinVertible (USDCV), marking a significant step in institutional crypto adoption across Europe. The announcement, made Tuesday, confirms the stablecoin’s launch on the Ethereum and Solana blockchains, offering new capabilities for 24/7 fiat-to-stablecoin conversions.

The move follows SG-Forge’s earlier launch of a MiCA-compliant euro stablecoin, EUR CoinVertible (EURCV), on the Stellar network. According to the bank, both USDCV and EURCV are fully compliant with the Markets in Crypto-Assets (MiCA) regulation the European Union’s pioneering crypto framework designed to ensure legal clarity and consumer protection across digital asset offerings.

24/7 Fiat-Stablecoin Conversions Backed by BNY Mellon

To ensure institutional-grade reliability, Société Générale announced that BNY Mellon will serve as custodian for the assets backing USDCV. The token is expected to become tradable next month, enabling real-time conversion between U.S. dollars and USDCV for a wide range of users, including corporates, institutions, and retail investors.

Jean-Marc Stenger, CEO of SG-Forge, explained that expanding into USD was a natural progression after launching a euro-based offering:

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE, as market adoption of stablecoins is growing exponentially.”

He also highlighted that the stablecoin market is largely USD-denominated, making USDCV highly relevant for cross-border payments, on-chain settlements, and digital forex transactions.

Stablecoins Gain Regulatory Momentum in Europe

The USDCV launch further solidifies Société Générale’s positioning as a leading institutional player in the regulated stablecoin market. According to recent research by Bitvavo and Kaiko, over 91% of euro-based stablecoin activity in Europe is now driven by MiCA-compliant tokens, with EURCV among the leaders.

Both USDCV and EURCV are expected to be listed on various crypto exchanges and accessible through crypto brokers and payment providers, the bank confirmed. However, these tokens will not be available for U.S. users, as they are not registered under the U.S. Securities Act.

SocGen’s stablecoin development comes amid growing interest from traditional banks in digital assets. Standard Chartered recently partnered with Animoca Brands and HKT to issue a Hong Kong dollar stablecoin, and Bank of America has expressed readiness to explore U.S.-dollar stablecoins if regulation allows.

Analysts at Bernstein Research project that global stablecoin circulation could surge to $2.8 trillion by 2028, driven by mainstream and institutional adoption.

As financial institutions double down on blockchain-based financial instruments, SocGen’s dual MiCA-compliant stablecoin strategy signals that regulated digital currencies may soon become a banking standard.

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