SocGen’s Crypto Unit Plans Ethereum-Based Dollar Stablecoin—Because Banks Love Playing Catch-Up

French banking giant Société Générale is diving deeper into crypto—this time with a dollar-pegged stablecoin on Ethereum. Their blockchain subsidiary, SG Forge, is reportedly prepping the launch, marking another tentative step by traditional finance into decentralized waters.

Why now? With regulators breathing down their necks and DeFi eating their lunch, legacy banks are finally realizing stablecoins aren’t just for crypto natives anymore. Expect glossy marketing about ’innovation’—just don’t mention their 10-year head start.

If successful, SocGen’s move could legitimize institutional stablecoins… or become another footnote in crypto’s ’too little, too late’ hall of fame. Either way, the irony of a bank-backed stablecoin on permissionless Ethereum won’t be lost on degens.