Société Générale-Forge, the crypto-focused subsidiary of French banking giant Société Générale, has introduced a new US dollar-pegged stablecoin.
Announced on June 10, the stablecoin—named USD CoinVertible (USDCV)—will be available on both the Ethereum and Solana blockchains. The underlying assets backing USDCV will be held in custody by UK-based financial services firm BNY.
This launch builds on Société Générale-Forge’s earlier release of EUR CoinVertible (EURCV), a euro-backed stablecoin introduced in April 2023 for institutional clients.
“With the growing adoption of stablecoins, launching a US dollar version was the natural next step following the rollout of our MiCA-compliant EUR stablecoin,” said Jean-Marc Stenger, CEO of Société Générale-Forge.
USDCV is designed to offer seamless access to the stablecoin market by enabling around-the-clock conversions between fiat currencies and digital versions of the US dollar and euro. Société Générale-Forge says the new stablecoin will facilitate real-time settlement of transactions in both currencies.
Stablecoins serve as versatile financial instruments
Société Générale-Forge stated that both USDCV and EURCV are designed for a broad range of applications, including crypto trading, cross-border payments, on-chain settlement, foreign exchange operations, and collateral or cash management.
The company also noted that the stablecoins will be listed on several cryptocurrency exchanges and offered to institutional, corporate, and retail investors via brokers and payment service providers. Trading of USDCV is expected to begin in July. However, neither USDCV nor EURCV will be accessible to individuals or entities based in the United States.
