Societe Generale, through its crypto subsidiary Societe Generale-Forge (SG-FORGE), has announced the launch of a new U.S. dollar-pegged stablecoin.
Societe Generale, through its crypto subsidiary Societe Generale-Forge (SG-FORGE), has announced the launch of a new U.S. dollar-pegged stablecoin named USD CoinVertible (USDCV). The stablecoin will be issued on the Ethereum and Solana public blockchains.
USD CoinVertible is the first dollar-backed stablecoin to be launched by a major European bank. The stablecoin is classified as an Electronic Money Token (EMT) under the European Union’s Markets in Crypto-Assets (MiCA) regulation, and SG-FORGE is licensed as an Electronic Money Institution by the French Prudential Supervision and Resolution Authority (ACPR).
Bank of New York Mellon (BNY Mellon) will act as the reserve custodian for USDCV, safeguarding the stablecoin’s collateral reserves, which will be composed of high-quality, liquid assets. The value and composition of the reserves will be disclosed daily on SG-FORGE’s website.
USDCV will be available for public trading in July 2025 and is not available to U.S. persons. The stablecoin will support 24/7 fiat-to-stablecoin conversion and liquidity will be supported by several market makers.
USDCV is designed for use by institutional, corporate, and retail clients, and will support a range of financial applications including crypto trading, cross-border payments, on-chain settlement, foreign exchange transactions, and cash and collateral management.
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Source: https://thedefiant.io/news/tradfi-and-fintech/societe-generale-launches-usd-coinvertible-stablecoin-bny-mellon-trading-july-a60b43a9