Société Générale is moving towards the launch of a USD stablecoin on Ethereum with plans to expand to Solana amid clear principles.

SG Forge, the cryptocurrency division of EthereSociété Générale, is deepening its footprint in digital assets with the launch of a US dollar-backed stablecoin.

The French banking heavyweight is tapping Ethereum for a stablecoin rollout with further plans to expand to Solana.

Société Générale Eyes Dollar Backed Stablecoin Rollout On Ethereum

France-based Société Générale has its eyes on launching a USD-based stablecoin on the Ethereum blockchain. A

ccording to multiple reports, the French banking company is moving to a dollar-backed stablecoin in the coming weeks, leaning on Ethereum after a series of stablecoin rollouts.

SG Forge, the crypto unit of Société Générale, is leading the launch of a new dollar-backed stablecoin.

The upcoming stablecoin will first debut on Ethereum, but insiders say the offering will expand to the Solana blockchain.

For now, a clear timeline for the stablecoin's launch is still under wraps, but the report highlights key details.

First, SG Forge's dollar-backed stablecoin will only be available for institutional use rather than retail application.

For Société Générale, the long-term plan is to gain dominance in the EU for dollar-denominated stablecoins, creating a gap in the market.

Legal clarity from EU markets in crypto-assets (MiCA) regulation is prompting traditional financial institutions to explore stablecoins. Banks are keen to grab a chunk of market share from local crypto companies like Tether, Circle, and Ripple.

This is not the bank's first rodeo with stablecoins, as Société Générale has previously launched a euro-backed stablecoin in 2023.

Société Générale's Ethereum stablecoin offering comes as the US Senate has advanced the GENIUS Act after a long political row.

Stablecoin interest rose to an all-time high.

The global stablecoin market is heating up with incumbents scrambling to consolidate their positions and newcomers eager to grab a piece of the market. Mastercard has launched a stablecoin payment card service by partnering with MoonPay.

Meta is also eyeing a return to cryptocurrencies through a stablecoin strategy, while Visa and Stripe are keen to expand their stablecoin lines.

Among crypto-local players, WLFI has grown in competition with tapping Chainlink and Ethereum to secure its USD1 stablecoin transition.

Ripple, Circle, and Tether are moving toward regulatory compliance ahead of the upcoming GENIUS Act.

Ethereum and Solana are attracting institutional interest among institutions looking to push their stablecoin offerings.

Trump-backed WLFI has turned to Ethereum to launch its USD1 stablecoin, with USDC and USDT leaning on the blockchain.

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