By John Meyer, consultant in financial affairs – Eurasia Business News, June 10, 2025. Article no. 1549.

France’s Société Générale, through its digital asset subsidiary SG-Forge, has launched a new U.S. dollar-pegged stablecoin called USD CoinVertible (USDCV). This stablecoin will be issued on both the Ethereum and Solana public blockchains, with public trading expected to begin in early July 2025.

The Bank of New York Mellon (BNY) will act as the reserve custodian for the assets backing USDCV, ensuring institutional-grade security and trust. This marks Société Générale as the first major bank to enter the market with a dollar-backed stablecoin.

USDCV follows Société Générale’s earlier launch of a euro-pegged stablecoin, EUR CoinVertible (EURCV), which was introduced in April 2023 but saw limited market traction. The new dollar stablecoin aims to meet growing market demand, as the stablecoin market is predominantly U.S. dollar denominated. It will facilitate 24/7 instant conversions between fiat currencies and digital dollars or euros, supporting activities such as crypto trading, cross-border payments, on-chain settlements, foreign exchange transactions, and collateral management.

Both USDCV and EURCV comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation, with SG-Forge licensed as an Electronic Money Institution by French authorities. However, due to regulatory restrictions, USDCV will not be available to U.S. clients.

Jean-Marc Stenger, CEO of SG-Forge, emphasized that the new stablecoin offers institutional, corporate, and retail investors a robust, regulated digital currency option, addressing strong market demand for secure and compliant stablecoins in Europe.

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© Copyright 2025 – Eurasia Business News. Article no. 1549.