- SG Forge, part of Société Générale, will launch a U.S. dollar-based stablecoin called USD CoinVertible (USDCV) in early July.
- The new stablecoin will be available on both the Ethereum and Solana blockchains.
- Bank of New York Mellon will serve as the reserve custodian for the token.
- Société Générale states it is the first global bank to issue a public U.S. dollar stablecoin.
- Access to both USD CoinVertible and EUR CoinVertible is restricted for “U.S. Persons.”
SG Forge, the digital assets division of French banking group Société Générale, is set to release a new stablecoin tied to the U.S. dollar. The USD CoinVertible (USDCV) stablecoin will be issued on the Ethereum and Solana networks, with trading scheduled to begin in early July.
Bank of New York Mellon will act as the reserve manager for the USDCV token, according to the bank. The launch marks Société Générale’s ongoing effort to bring stablecoins into traditional finance. The company previously released a euro-denominated stablecoin, EUR CoinVertible (EURCV).
"After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a U.S. dollar version was the obvious next step for Société Générale–FORGE as market adoption of stablecoins is growing exponentially," said SG Forge CEO Jean-Marc Stenger. He referred to the European Union’s Markets in Crypto Assets (MiCA) regulations.
Stablecoins are digital tokens whose value is linked to a real-world asset, such as the U.S. dollar. The current market is led by Tether’s USDT with a market cap of about $155 billion, followed by Circle’s USDC at $60 billion.
The bank explained that USD CoinVertible and EUR CoinVertible will support a variety of use cases for clients, including crypto trading, on-chain settlement, cross-border payments, foreign exchange transactions, and both collateral and cash management.
SG Forge stated that neither of its stablecoins will be offered to "U.S. Persons." The involvement of BNY Mellon is expected to make it easier for users to move between traditional and digital financial systems.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Canary Capital Forms Delaware Trust For Potential Injective (INJ) ETF
- Women Lose $50K in Crypto Scams After Clicking PM Facebook Ads
- SEC Proposes ‘Innovation Exemption’ to Boost Onchain Crypto Products
- Vinny Lingham: Solana Will Flip Ethereum, Blockchain Needs Utility
- Bitcoin Surges Past $110K, Nears All-Time High as Markets Rally
