Societe Generale Doubles Down on Crypto—Launches USD Stablecoin on Ethereum and Solana
French banking giant Societe Generale just threw its weight behind crypto—again. This time? A USD-pegged stablecoin launching on both Ethereum and Solana. Because why pick one chain when you can hedge your bets?
Wall Street’s latest ‘blockchain innovation’ looks suspiciously like catching up. But hey, at least they’re using public chains this time—not another permissioned ledger gathering dust in a JPMorgan slide deck.
Watch out Tether—the old guard wants a slice of that sweet, sweet stablecoin float. Just don’t ask how they’ll explain this to their risk committee.
TLDR
- Societe Generale will launch a US dollar-pegged stablecoin named USD CoinVertible through its subsidiary SG-Forge.
- The new stablecoin will operate on both Ethereum and Solana blockchains to support broader blockchain adoption.
- USDCV will be classified as an Electronic Money Token under the European Union’s MiCA regulatory framework.
- BNY Mellon will provide custody services for USDCV as part of the coin’s institutional-grade infrastructure.
- This launch follows the introduction of EURCV, a euro-backed stablecoin by Societe Generale in April 2023.
French banking group Societe Generale will launch a US dollar-pegged stablecoin called USD CoinVertible (USDCV) through its crypto unit SG-Forge. The token will be available on ethereum and Solana blockchains and will target institutional and corporate clients. This marks Societe Generale’s expansion into dollar-denominated digital assets following its euro-backed EURCV issued last year.
USD CoinVertible to Operate Under MiCA Guidelines
Societe Generale will issue USDCV as an Electronic Money Token under the European Union’s MiCA regulatory framework. SG-Forge, the bank’s blockchain subsidiary, will manage issuance and compliance for the token’s use in financial operations. BNY Mellon, a New York-based financial institution, will provide regulated custody services for USDCV.
The move reinforces Societe Generale’s digital finance strategy and expands its offerings to meet global demand for dollar-backed tokens. By using Ethereum and Solana, USDCV can reach multiple blockchain applications and liquidity pools. This positions Societe Generale among the first European banks to issue a US dollar-pegged stablecoin under regulatory compliance.
The stablecoin will cater to clients requiring reliable blockchain-based payment and settlement systems in cross-border and institutional finance. Societe Generale expects the product to support trading, treasury, and asset management operations. Clients may benefit from greater interoperability with blockchain protocols using USDCV.
Societe Generale Builds on Prior EURCV Stablecoin Launch
SG-Forge previously introduced EURCV in April 2023, becoming one of the first banks to issue a euro-denominated stablecoin. EURCV operates under MiCA regulations and supports blockchain-based settlements in euros for corporate clients. The launch set a precedent for compliant stablecoin issuance by traditional financial institutions.
Now, Societe Generale expands this model to meet dollar-based demand by deploying USDCV on more scalable blockchains. The dual offering strengthens SG-Forge’s role in regulated digital finance within Europe and reflects a structured approach to stablecoin integration across fiat currencies.
Societe Generale aims to serve a global network of blockchain users with secure, regulatory-approved fiat-backed assets. The bank is positioning itself to bridge traditional banking with decentralized platforms through compliant digital currency solutions.
