According to Cointelegraph, Société Générale-Forge, a cryptocurrency subsidiary of Société Générale, has announced the launch of a new stablecoin pegged to the US dollar.

According to the announcement released on June 10, this stablecoin is named USDCoin Vertible (USDCV) and will be issued on the Ethereum and Solana blockchains. British financial services company BNY will act as the custodian of the assets backing this stablecoin.

This release follows the company's launch of the euro-pegged stablecoin EURCoin Vertible (EURCV) in April 2023, which was issued for institutional clients.