worldcoinindex.com
French banking leader Societe Generale is entering the dollar-denominated stablecoin arena with its new USD CoinVertible (USDCV), poised to run on both Ethereum and Solana blockchains.
The move, announced Tuesday, marks a major milestone as the bank’s crypto arm, SG-Forge, prepares to mint the token. The U.S. dollar-pegged asset will be custodied by Wall Street heavyweight BNY Mellon, bridging European banking with American crypto infrastructure.
This initiative comes on the heels of SG-Forge’s earlier digital currency project — the euro-pegged EURCV, launched in April 2023. With USDCV, the French institution becomes the first major European bank to issue a stablecoin tied to the U.S. dollar, responding to the currency’s outsized role in the global crypto economy.
“Launching a dollar-backed stablecoin was a natural evolution,” said Jean-Marc Stenger, CEO of SG-Forge. “Given the U.S. dollar’s dominance in stablecoin markets, our clients—whether institutional, corporate, or retail—are seeking trustworthy, compliant digital dollar assets.”
Both USDCV and EURCV fall under the EU’s Markets in Crypto-Assets (MiCA) regulation as Electronic Money Tokens (EMTs). MiCA, which came into force in June 2023, sets a common legal standard for digital assets across the European Union, giving financial institutions like Societe Generale a regulatory green light to innovate with stablecoins.
The bank’s move reflects a growing trend: traditional financial giants are increasingly entering the stablecoin space. A recent Wall Street Journal report revealed that multiple U.S. banks are exploring a joint stablecoin effort, while Stripe’s co-founder John Collison noted rising enthusiasm from banks eager to tap into blockchain-based currencies.
Globally, the stablecoin market surged past $250 billion this month, buoyed by the continued dominance of Tether (USDT) and Circle’s USDC. At the same time, policymakers are catching up. In the U.S., legislators are pushing forward the GENIUS Act despite concerns over Donald Trump’s links to crypto, while South Korean officials are drafting a licensing framework for stablecoin issuers.
With USDCV, Societe Generale isn’t just adopting a trend — it’s shaping the future of regulated digital finance in Europe and beyond.