French Bank to Launch the 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 position Société Générale as the first multinational banking group to issue a dollar stablecoin on a public blockchain. The stablecoin is primarily aimed at institutional investors and aims to meet the demand for liquidity in tokenized dollars regulated by the European Union.

SG Forge holds an EU electronic money license and previously launched a stablecoin in euros, EURCV, in April 2023, which currently has a circulation of 40 million euros. The company plans to expand the availability of the stablecoin to other public blockchains, such as Solana, in the future.