Société Générale launches stablecoin in US dollars on Ethereum and Solana.
Société Générale's cryptocurrency arm launches its USDCV stablecoin on Ethereum and Solana, with BNY as custodian and a global launch aimed at trading and settlement.
Société Générale-Forge, the crypto arm of the French financial services company Société Générale, has launched a new stablecoin pegged to the US dollar.#BinanceAlphaAlert
According to an announcement made on June 10, the stablecoin, called USD CoinVertible (USDCV), will be issued on the Ethereum and Solana blockchains. American company Bank of New York Mellon will act as custodian for the assets backing the stablecoin.
The announcement comes in the wake of the launch in April 2023 of the euro-pegged stablecoin EUR CoinVertible (EURCV), aimed at institutional clients.#USChinaTradeTalks
"After the launch of a euro stablecoin compliant with MiCA (EURCV), the launch of a US dollar version (USDCV) was the next natural step for Société Générale–Forge, given the exponential growth in stablecoin adoption," said Jean-Marc Stenger, CEO of Société Générale-Forge.
The USDCV aims to provide continuous access to the stablecoin market, allowing 24/7 conversions between fiat currencies and digital dollars or euros. According to the company, this will enable real-time settlements in both currencies.
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Stablecoins are multifunctional instruments.
According to the company, both the USDCV and EURCV are designed for a wide range of applications, including crypto trading, international payments, on-chain settlements, currency transactions, as well as collateral and cash management.#TrumpVsMusk
The company added that stablecoins will be listed on various cryptocurrency exchanges and made available to institutional, corporate, and retail investors through brokers and payment service providers. Trading of the USDCV is expected to begin in July, but both it and the EURCV will not be available to residents in the U.S., according to the company.
Stablecoins gain strength in the global landscape.
Stablecoins have been gaining traction in global adoption as regulatory clarity advances. A recent report indicates that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025.
In South Korea, the government is advancing crypto legislation that could pave the way for the issuance of domestic stablecoins, a campaign promise of President Lee Jae-myung.
In the U.S., stablecoin regulation, which is expected to be announced soon, is prompting tech giants like Apple, X, and Airbnb to explore the integration of digital tokens. Elsewhere, recent photos of a store in an airport in Bolivia show prices set in USDt.
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, suggesting growing unofficial use after a local bank began offering USDT custody last year.$ETH $SOL
Transport giant Uber is reportedly in the study phase regarding the use of stablecoins to reduce international transfer costs. Payment company Stripe is also said to be in early talks with banks about a possible integration.
