Societe Generale Launches New USD Stablecoin on ETH & SOL

Key Points:

• USD CoinVertible (USDCV) will enable 24/7 fiat-to-stablecoin conversions on Ethereum and Solana.
• BNY will safeguard USDCV’s reserves, supporting trust and stability for institutional and retail users.
• USDCV and EURCV target trading, cross-border payments, and on-chain settlements for global users.

Société Générale-Forge, the digital asset arm of French bank Société Générale, has announced the launch of a US dollar-pegged stablecoin. The new digital currency, named USD CoinVertible (USDCV), will operate on both Ethereum and Solana blockchains.

The announcement came on June 10 and marks the company’s latest move into the growing stablecoin market. According to the firm, USDCV will provide continuous access to digital dollars, offering 24/7 conversion between fiat and stablecoins. The stablecoin will be backed by reserves held by financial services firm BNY, which will serve as the asset custodian.

Expansion Follows Euro-Pegged EURCV Launch

This is the second stablecoin released by Societe Generale-Forge. As CoinCu reported, the firm previously launched EUR CoinVertible (EURCV) in April 2023, pegged to the euro and aimed at institutional users. The new dollar version expands the firm’s stablecoin offerings to meet growing market demand.

Jean-Marc Stenger, CEO of Société Générale-Forge, stated, 

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step.” 

He added that stablecoin use is growing across multiple sectors.

Use Cases and Market Rollout

Both EURCV and USDCV are designed to support various functions. These include crypto trading, on-chain settlement, cross-border payments, foreign exchange transactions, and cash management. The firm says the stablecoins will be listed on multiple exchanges.

Access will be provided through brokers and payment service providers. The stablecoins will be available to institutional, corporate, and retail users outside the United States. USDCV trading is expected to begin in July.

Meanwhile, USDCV will be launched on Ethereum and Solana, two of the most used blockchain platforms for decentralized finance and token issuance. As of press time, Ethereum’s price was priced at $2,680.07, with a 7.54% 24-hour gain. Solana trades at $158.57, with a 5.18% increase over the same period, based on Coingecko data.

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