French Banking Giant Société Générale–Forge Launches USD CoinVertible: A US Dollar Stablecoin on Ethereum and Solana Networks for Global Investors

Société Générale’s Crypto Arm Unveils US Dollar Stablecoin On Ethereum And Solana

Société Générale–Forge, the crypto subsidiary of French financial services company Société Générale, has introduced a new US dollar-backed stablecoin, expanding its digital asset footprint beyond Europe.

Known as USD CoinVertible (USDCV), the stablecoin will be available on Ethereum and Solana, offering 24/7 access to dollar-denominated tokens for institutional, corporate, and retail investors—excluding US-based users.

BNY Mellon Takes Custody Role For USDCV Reserves

The Bank of New York Mellon, a major player in global custody and financial services, will safeguard the fiat reserves behind USDCV.

According to Carolyn Weinberg, Chief Product & Innovation Officer at BNY,

“The cash market is undergoing a massive transformation, and stablecoins with 24/7 capabilities are catalyzing much of this change.”

The stablecoin is expected to begin trading in early July and aims to support real-time conversion between fiat currencies and digital assets, particularly in sectors demanding instant settlements and liquidity access.

Why Société Générale Is Entering The Dollar Stablecoin Race

This marks SG Forge’s second major stablecoin launch.

In April 2023, the firm debuted EUR CoinVertible (EURCV), a euro-denominated token also built on Ethereum.

That product was aimed at institutional clients and complied with the EU’s Markets in Crypto-Assets (MiCA) regulation.

The launch of a dollar version appears to be a strategic move towards tapping into a more liquid and competitive market.

Jean-Marc Stenger, CEO of Société Générale–Forge, said,

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Société Générale–Forge, as market adoption of stablecoins is growing exponentially.”

What Will USDCV Be Used For?

USDCV is being positioned as a multi-use digital currency tailored for trading, cross-border payments, foreign exchange, collateral management, and on-chain settlement.

SG Forge confirmed that the token will be available through brokers, crypto exchanges, and payment service providers.

Both USDCV and EURCV are structured as Electronic Money Tokens (EMT) under the MiCA framework.

SG Forge maintains its status as a licensed Electronic Money Institution under France’s financial regulator, the ACPR.

European Banking Giant Enters Stablecoin Market Dominated By Tether

The launch sets Société Générale apart as one of the first major European banks to issue a dollar-backed stablecoin on a public blockchain.

While USDCV enters a space largely dominated by private firms like Tether—with over $155 billion in issuance—it brings a regulatory-first model backed by traditional banking infrastructure.

SG Forge has yet to disclose the full list of exchanges where USDCV will be listed but confirmed broader accessibility to global clients—except those in the United States.