#stablecoin
major French bank will launch a stablecoin on the Ethereum chain.
SG Forge, a subsidiary of Société Générale, is preparing to launch a "digital dollar" (stablecoin) on the Ethereum exchange. It will be the first stablecoin issued by a real bank.
In the past, stablecoins like USDC and USDT were only issued by fintech companies (Circle, Tether), but this time, a European bank will be directly competing.
According to The Big Whale, the stablecoin will target institutional investors in the European Union, and plans to launch on Ethereum and then expand to other exchanges like Solana.
JPMorgan has issued JPM Coin, but it is for limited use within its system. SG Forge will actually issue it on a public exchange.
In April 2023, SG Forge launched the Euro Stablecoin (EUR CoinVertible - EURCV) on Ethereum. Now, the Dollar Stablecoin will be their second project.
With the dollar stablecoin market cap at nearly $250 billion, and euro stablecoins at just a few million, SG Forge’s entry puts it in direct competition with Circle and Tether, whose advantage is that they are a bank with a legal e-money license under EU law.
In addition to SG Forge, major financial companies such as Stripe, Visa, and MasterCard are also accelerating their efforts in the stablecoin space. Stripe is preparing to acquire a stablecoin platform, while Visa and MasterCard are also developing stablecoin-based payment systems.