SocGen Launches USDCV Stablecoin
Société Générale Launches US Dollar Stablecoin on Ethereum and Solana
Société Générale-Forge, the digital assets subsidiary of the major French bank Société Générale, has officially launched USD CoinVertible (USDCV), a new US dollar-backed stablecoin. This launch marks a significant step for the institution, making it one of the first global banking groups to issue a dollar-stablecoin on a public blockchain.
Key Features of USDCV:
- US Dollar-backed: USDCV maintains a 1:1 peg with the US dollar.
- Blockchain Deployment: Available on Ethereum and Solana blockchains.
- Reserve Custodian: BNY Mellon provides secure custody of the reserves.
- Trading Launch: Trading is expected to commence in early July.
- Target Audience: Initially available to institutional, corporate, and retail investors outside of the US.
- 24/7 Conversion: Enables instant conversion between fiat and stablecoin.
This follows a previous launch of EUR CoinVertible (EURCV) in April 2023, a euro-denominated stablecoin also operating on Ethereum, showcasing Société Générale's commitment to regulated digital assets.
Jean-Marc Stenger, CEO of Société Générale–Forge, stated, “After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step…market adoption of stablecoins is growing exponentially.”
Carolyn Weinberg, Chief Product & Innovation Officer at BNY Mellon, added, “We are excited to advance the stablecoin market…stablecoins with 24/7 capabilities are catalyzing much of this change.”
Both USDCV and EURCV are designed to comply with the European Markets in Crypto-assets (MiCA) regulation. Société Générale-Forge holds an Electronic Money Institution license from France’s ACPR.
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