Societe Generale Launches USD-Pegged Stablecoin on Ethereum and Solana

A European Pioneer in Stablecoins

Societe Generale-Forge (SG-Forge), the cryptocurrency-focused subsidiary of French banking giant Societe Generale, has announced the launch of USD CoinVertible (USDCV), a USD-pegged stablecoin. This marks a significant milestone as Societe Generale becomes the first major European bank to issue a USD-backed stablecoin.

The USDCV will operate on both the Ethereum and Solana public blockchains, with New York-based BNY Mellon acting as the reserve custodian. The stablecoin is set to begin trading in early July 2025.

This move follows SG-Forge's earlier launch of the EUR CoinVertible (EURCV) in April 2023, which was also compliant with the European Markets in Crypto-assets (MiCA) regulation.

Jean-Marc Stenger, CEO of SG-Forge, emphasized the importance of this new development, stating, "The stablecoin market remains largely US dollar-denominated. This new currency will enable our clients, either institutions, corporates, or retail investors, to leverage the benefits of an institutional-grade stablecoin".

SG-Forge is a regulated and integrated subsidiary of Societe Generale Group, a financial institution with over 160 years of history. Societe Generale is one of the largest banks in Europe, managing assets worth over €1.5 trillion as of 2025 and serving millions of clients across 62 countries.

SG-Forge benefits from this robust foundation, combining the group's extensive expertise in traditional finance with innovative digital asset solutions.

Expanding Stablecoin Use Cases

The launch of USDCV is part of SG-Forge's broader strategy to integrate traditional financial systems with digital assets.

Both USDCV and EURCV are designed to support a wide range of activities, including crypto trading, cross-border payments, on-chain settlement, foreign exchange transactions, and collateral and cash management. These stablecoins will be accessible through various crypto exchanges, brokers, and payment service providers, with liquidity ensured by reputable market makers.

BNY Mellon, the world's leading custodian, will handle the reserves for USDCV, combining its traditional banking expertise with its growing involvement in digital assets.

Carolyn Weinberg, Chief Product & Innovation Officer at BNY Mellon, remarked, "Stablecoins with 24/7 capabilities are catalyzing much of this change. They have the potential to enhance resiliency, drive operational efficiencies, and create new opportunities for corporates and investors alike".

Stablecoin Market and Regulatory Landscape

The stablecoin market has seen exponential growth, with its total valuation surpassing $250 billion in June 2025. This growth is led by major players like Tether (USDT) and Circle's USDC. The launch of USDCV aligns with a broader trend of traditional financial institutions exploring stablecoin ventures.

For instance, major U.S. banks are exploring a joint stablecoin venture. Stripe co-founder John Collison also said several banks were "very interested" in stablecoin integration.

MiCA, which came into effect in June 2023, provides a unified regulatory framework for digital assets across Europe. Both USDCV and EURCV comply with MiCA regulations, and SG-Forge is licensed as an Electronic Money Institution (EMI) by the French "Autorité de contrôle prudentiel et de résolution" (ACPR).

This regulatory compliance ensures that SG-Forge's stablecoins meet stringent eligibility criteria for reserve backing, including minimum ratings and liquidity requirements.