French Bank to Launch First Dollar Stablecoin Issued by a Bank on Ethereum

According to PANews, the cryptocurrency subsidiary of the French banking giant Société Générale, SG Forge, is set to introduce the first dollar stablecoin issued by a bank on the Ethereum network. This initiative will make Société Générale the first multinational banking group to issue a dollar stablecoin on a public blockchain. This stablecoin primarily targets institutional investors and aims to meet the European Union's demand for regulated tokenized dollar liquidity.

SG Forge holds an EU cryptocurrency license and previously launched a euro stablecoin, EURCV, in April 2023, which currently has a circulation of 40 million euros. The company plans to expand the stablecoin's accessibility to other public blockchains, such as Solana, in the future.$SOL