Societe Generale-FORGE Launches USD CoinVertible: New Stablecoin on Ethereum and Solana
Societe Generale-FORGE (SG-FORGE), the digital assets subsidiary of Societe Generale Group, has just officially announced its plan to launch the stablecoin USD CoinVertible (USDCV) on two leading blockchains, Ethereum and Solana. Trading of this stablecoin is expected to begin in early July 2025, marking an important step for the French bank in its journey to digitize traditional finance.
Expanding its global stablecoin strategy
After successfully launching the first euro-backed stablecoin EUR CoinVertible on the Stellar blockchain in early 2024, SG-FORGE continues to expand its digital asset ecosystem by launching USDCV, a USD-backed stablecoin. The addition of a USD-denominated stablecoin will make it easier for corporate and financial institutions to convert fiat to digital assets, enabling cross-border transactions, instant settlements, and use in compliant DeFi applications.
Transparent, Real-World Backed, and Strictly Compliant
Similar to EUR CoinVertible, USDCV will be backed by real assets publicly displayed on SG-FORGE’s official website, with daily updates to ensure maximum transparency. Additionally, Bank of New York Mellon (UK) has been appointed as the reserve custodian of this stablecoin, ensuring strict custody standards and compliance with global financial standards.
For non-US customers only
Although USD-denominated, USDCV will not be offered or traded in the US. SG-FORGE said the stablecoin is not registered under the US Securities Act of 1933, so it is only allowed to be traded in the scope of “offshore transactions” and is not available to customers residing in the US.
In contrast, customers in the European Union (EU) will be allowed to freely trade the stablecoin, as it is fully compliant with MiCA regulations – the EU’s key regulatory framework for digital assets. SG-FORGE has also been licensed by the ACPR (France’s Prudential Regulation and Control Authority) as an official stablecoin issuer under MiCA regulations.
Statement from SG-FORGE Management
Jean-Marc Stenger, CEO of SG-FORGE, said that the issuance of a USD-denominated stablecoin is a clear strategic move to meet the growing demand from the global financial market:
“The stablecoin market is still predominantly USD-denominated. The launch of USDCV allows institutional clients, businesses and retail investors to access an institutional-grade stablecoin, providing greater stability, transparency and transaction efficiency.”
Stablecoin Development Context
With stablecoins increasingly becoming the infrastructure pillar for digital financial transactions, the participation of major banks such as Societe Generale shows that the convergence between traditional finance and DeFi is taking place rapidly. The integration of USDCV on both Ethereum and Solana expands blockchain coverage and increases flexibility for users in choosing the infrastructure that best suits their needs.
Summary
With the launch of USD CoinVertible on Ethereum and Solana, Societe Generale-FORGE is asserting its pioneering role in building a bridge between traditional banking and the regulatory-compliant digital asset ecosystem. This event not only marks a new step forward for the stablecoin industry in Europe, but also signals that major financial institutions are seriously promoting the digitization of assets in the blockchain era.
