#TradersLeague "Société Générale" becomes the first bank to launch a stablecoin linked to the dollar

Société Générale announced, via its digital arm "SG-FORGE", the launch of a new dollar-backed stablecoin called "USD CoinVertible", making it the first major banking institution to issue a publicly tradable dollar stablecoin.

The coin is set to be launched in July on the Ethereum and Solana networks.

This step comes in the context of an increasing expansion of the stablecoin market, led by companies like Tether, in the absence of regulated banking entities in this field.

Jean-Marc Stenger, CEO of "SG-FORGE", clarified that there is a clear market demand for a dollar stablecoin that enjoys regulatory oversight from a trusted banking entity.

The new coin will be classified as a cryptocurrency and will be subject to the European "MiCA" law that came into effect in 2023, at a time when Tether does not hold a license to operate under this law within the European Union.

It is worth mentioning that Société Générale previously launched a euro stablecoin in 2023, but it did not achieve significant adoption.

The reserve for the new coin will be overseen by the New York Bank, and it will initially be held in cash accounts, before being directed later to yield-generating investments.