The crypto arm of the French banking giant Societe Generale is launching a US dollar stablecoin on the Ethereum (ETH) and Solana (SOL) blockchains.
In a new announcement, the Societe Generale-FORGE says it is launching the USD CoinVertible (USDCV), its second stablecoin after the 2023 launch of EUR CoinVertible (EURCV).
Says Jean-Marc Stenger, CEO of the Societe Generale-FORGE,
“After the release of a MiCA-compliant EUR stablecoin EURCV, the launch of a US Dollar version USDCV was the obvious next step for Societe Generale-FORGE as market adoption of stablecoins is growing exponentially.
The stablecoin market remains largely US dollar-denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin.”
The French bank says that the Bank of New York Mellon Corporation (BNY) will serve as its “reserve custodian, enabling seamless integration between traditional and digital financial ecosystems.”
The bank says it’s that stablecoins have multiple use cases for its clients, including crypto trading, cross-border payments, on-chain settlement, foreign exchange transactions and cash management.
The launch of USDCV is expected to start next month. The stablecoins will be listed on several crypto exchanges.
Neither stablecoins will be available to those in the United States at this time.
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