Catenaa, Wednesday, June11, 2025- French banking powerhouse Societe Generale announced Tuesday it will launch a US dollar-pegged stablecoin, dubbed USD CoinVertible (USDCV), becoming the first major European bank to issue a dollar-backed digital asset.
USDCV will be deployed on Ethereum and Solana blockchains through SG-Forge, the bank’s crypto-asset subsidiary.
The Bank of New York Mellon will act as the reserve custodian for the coin, which follows SG-Forge’s earlier release of a euro-denominated stablecoin in April 2023.
SG-Forge CEO Jean-Marc Stenger said the move was prompted by the US dollar’s overwhelming dominance in the global stablecoin market. He noted that the new token is aimed at institutional clients, corporates and retail users seeking regulated and stable digital currencies.
Both the new USDCV and its euro predecessor, EURCV, comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation. These stablecoins are categorized as Electronic-Money Tokens under the bloc’s unified digital asset framework, which took effect in June 2023.
Societe Generale’s entry into the US stablecoin space comes amid rising global regulatory momentum and a surge in stablecoin adoption. The market recently topped $250 billion, led by Tether and Circle’s USDC.
In the US, lawmakers have advanced the GENIUS Act despite political pushback. South Korea is also drafting stablecoin-specific licensing rules, as traditional banks worldwide increasingly explore digital currencies.
Societe Generale’s move signals growing institutional alignment with blockchain-based finance amid a maturing regulatory climate.
