1️⃣ The French bank Société Générale will launch a stablecoin pegged to the US dollar in #Ethereum and #solana 🔍
SG Forge, the cryptocurrency division of the French banking giant Société Générale, has announced its plans to launch a #stablecoin pegged to the US dollar, with New York-based BNY Mellon as the reserve custodian of the token. The stablecoin, called USD CoinVertible (USDCV), will be launched on Ethereum and Solana. USDCV follows SG Forge's euro-denominated stablecoin EURCV, which debuted in April 2023.
The CEO of SG-Forge, Jean-Marc Stenger, stated:
The stablecoin market remains predominantly denominated in US dollars. This new currency will allow our clients, whether institutions, companies, or retail investors, to take advantage of the benefits of an institutional-grade stablecoin.
2️⃣ The ruling party of South Korea reveals a plan to allow stablecoins💎
According to a Bloomberg report, the Democratic Party of South Korea has introduced a bill to parliament that would allow qualified companies to issue stablecoins. The bill, called the Basic Digital Assets Act, aims to improve transparency and foster competition in the cryptocurrency sector. Specifically, it allows South Korean companies to issue stablecoins as long as they have a minimum paid-in capital of 500 million won ($367,876), while ensuring refunds through reserves.
3️⃣ The bill on the structure of the cryptocurrency market is out of the House committees, pending action on stablecoins👀
Both the Agriculture Committee and the Financial Services Committee of the House of Representatives approved the cryptocurrency market structure bill on Tuesday. It will now be integrated into a comprehensive bill and sent to the full House for a vote. This is the first of several expected advances this week in the progress of digital asset legislation. The bill would create a clear regulatory framework for cryptocurrencies, including defining how the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will regulate the sector.
4️⃣ The Ethereum-compatible sidechain of the #XRP Ledger will launch in the second quarter⚡️
Reports indicate that the EVM-compatible sidechain of the XRP Ledger (XRPL) will launch in the second quarter of this year. Jaazi Cooper, Ripple's product management director, and David Schwartz, Ripple's chief technology officer, made the announcement at the APEX 2025 conference being held in Singapore. The EVM sidechain is expected to allow users to generate yields through DeFi applications.
5️⃣ SBI of Japan claims to have invested $50 million in #Circle during its IPO💰
The Japanese financial services group SBI Group announced last week a $50 million investment in the initial public offering (IPO) of Circle, the stablecoin issuer, during its debut on the New York Stock Exchange. Reportedly, the allocation was split equally between SBI Holdings and its subsidiary SBI Shinsei Bank. Notably, SBI and Circle established a strategic alliance in 2023 to promote the use of USDC among Japanese businesses and consumers.
6️⃣ Sandeep Nailwal takes over as CEO of the Foundation #Polygon ‼️
Reports indicate that Polygon co-founder Sandeep Nailwal has taken full control of the Polygon Foundation as its first CEO. Notably, this decision comes after the recent departure of co-founder Mihailo Bjelic, leaving #Nailwal as the last co-founder of Polygon. As part of his new role, Nailwal announced several radical changes designed to optimize the nonprofit organization and generate value for POL token participants.
Nailwal stated:
In our early days, #Polygon focused on bold execution and big goals. Between 2021 and 2023, we strived to institutionalize the project by bringing in exceptional individuals as co-founders, forming a board of directors, and undergoing a period of intense research and technological exploration. Now, it is time to act quickly, aggressively, with full conviction and focus.