Société Générale Expands Digital Asset Suite with US Dollar-Pegged Stablecoin
Société Générale–Forge, the crypto-focused subsidiary of French financial group Société Générale, has unveiled a new US dollar-pegged stablecoin called USD CoinVertible (USDCV).
According to a June 10 announcement, the stablecoin will be issued on both the Ethereum and Solana blockchains. U.S. financial services giant Bank of New York Mellon will serve as the custodian for the fiat assets backing USDCV.
This launch follows the firm’s introduction of EUR CoinVertible (EURCV) in April 2023, a euro-pegged stablecoin aimed at institutional users. The new USDCV token aims to expand access to digital currencies, enabling 24/7 conversion between fiat and digital dollars or euros, and facilitating real-time transaction settlement in both currencies.
“Following our MiCA-compliant EUR stablecoin (EURCV), launching a US dollar version was the natural next step as demand for stablecoins continues to surge,” said Jean-Marc Stenger, CEO of Société Générale–Forge.
Broad Use Cases and Market Expansion
Both USDCV and EURCV are designed for a wide range of applications, including:
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Cryptocurrency trading
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Cross-border payments
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Onchain settlements
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Foreign exchange operations
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Collateral management and cash handling
The stablecoins will be listed on multiple crypto exchanges and made available to institutional, corporate, and retail clients via brokers and payment providers. Trading for USDCV is set to begin in July, although neither USDCV nor EURCV will be accessible to U.S.-based users, the company clarified.
Stablecoins Gain Global Momentum
Governments and major companies around the world are also moving forward:
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South Korea is advancing crypto legislation to enable domestic stablecoin issuance.
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In the U.S., pending stablecoin regulation is reportedly prompting firms like Apple, X, and Airbnb to explore digital token integrations.
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Bolivia has seen informal stablecoin adoption, with local shops displaying prices in Tether’s USDt, and a local bank offering USDT custody.
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Uber is said to be exploring stablecoins to cut costs on international transfers.
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Stripe is reportedly in early discussions with banks about integrating stablecoins into its services.
With the launch of USDCV, Société Générale–Forge aims to position itself at the forefront of this rapidly evolving financial landscape.
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