Societe Generale Unveils USD Stablecoin on Ethereum and Solana, Bolstering Blockchain Utility

Societe Generale's digital asset arm, SG-Forge, is set to launch a USD-backed stablecoin, USD CoinVertible (USDCV), on both the Ethereum and Solana blockchains. This move marks a significant step for a major European bank into the stablecoin market, aiming to enhance blockchain utility for institutional clients with a MiCA-compliant, transparent, and secure digital asset.

A New Era for Institutional Stablecoins

SG-Forge's introduction of USDCV follows its euro-backed stablecoin, EURCV, launched in April 2023. This new dollar-pegged asset is designed primarily for non-U.S. institutional, corporate, and retail clients, addressing a critical gap in the market for regulated, transparent stablecoins. The dual deployment on Ethereum and Solana leverages Ethereum's institutional DeFi bedrock and Solana's fast, low-cost transactions, making USDCV suitable for various financial applications.

Unwavering Trust and Transparency

BNY Mellon, the world's largest custodian bank, will serve as the reserve custodian for USDCV, adding substantial credibility to the stablecoin's collateral. Daily transparency reports on the reserves' composition will be available on the SG-FORGE website, ensuring full adherence to MiCA regulations. This commitment to transparency and high-grade, liquid asset backing positions USDCV as a robust, institution-ready stablecoin, distinguishing it from many existing digital dollars.

MiCA Compliance and Market Impact

USDCV's launch is strategically timed with Europe's Markets in Crypto-Assets (MiCA) regulation now in effect. As an authorized Electronic Money Token (EMT), USDCV offers a clear regulatory advantage over many crypto-native competitors. This compliance is crucial for institutional adoption, as it provides the legal clarity and stability that traditional financial entities require. The stablecoin aims to support a wide range of activities, including:

• Crypto trading

• Cross-border payments

• On-chain settlement

• Foreign exchange transactions

• Collateral and cash management

Expanding Financial Infrastructure

SG-FORGE envisions USDCV as a catalyst for new financial infrastructure, enabling 24/7 programmable finance. Unlike traditional banking rails, USDCV offers borderless, instant, and programmable money compatible with both traditional finance (TradFi) and decentralized finance (DeFi) systems. This could significantly increase operational efficiency for corporations and banks. While initial market makers have not been disclosed, major liquidity providers are expected to support USDCV, with trading anticipated to begin in early July 2025 across major crypto exchanges and institutional platforms. It will not be available to U.S. persons due to regulatory considerations, focusing instead on the European market as a MiCA-native asset.

Sources

• USD-Backed Crypto Shock: New Stablecoin Goes Live on Ethereum & Solana Next Month, CryptoNinjas.

• French bank Societe Generale to launch US dollar-pegged stablecoin on Ethereum and Solana, The Block.

• Societe Generale to Launch USD Stablecoin on Ethereum and Solana – Crypto News Bitcoin News, Bitcoin.com News.

• SocGen’s SG-Forge Unit Unveils USD Stablecoin (USDCV) on Ethereum, Solana Blockchains, CoinDesk.

• Société Générale-Forge Launches USD-denominated Stablecoin, Cointelegraph.