tl;dr
Societe Generale-FORGE (SG-FORGE), the crypto division of Societe Generale, has launched a U.S. dollar-pegged stablecoin called USD CoinVertible (USDCV), operating on Ethereum and Solana blockchains. This follows their earlier euro stablecoin release and complies with EU MiCA regulations as an Elect...
Societe Generale-FORGE (SG-FORGE), the crypto-asset division of Societe Generale, has introduced USD CoinVertible (USDCV), a U.S. dollar-pegged stablecoin operating on Ethereum and Solana blockchains. This launch follows their earlier euro stablecoin release and fully complies with EU MiCA regulations as an Electronic Money Token, reflecting stringent regulatory adherence.
BNY Mellon, the largest global custodian bank, has been appointed as the reserve custodian for USDCV, safeguarding its collateral reserves composed of high-quality, liquid assets. In keeping with transparency standards, the reserve's value and composition will be disclosed daily on SG-FORGE’s platform, ensuring trust and clarity for stakeholders.
Targeting institutional, corporate, and retail clients outside the U.S., USDCV is expected to begin trading in early July 2025. SG-FORGE will provide 24/7 fiat-to-stablecoin conversion services for both USD and EUR, supporting a seamless financial experience. The stablecoin is designed to facilitate digital asset trading, on-chain foreign exchange, cross-border payments, settlement, and cash and collateral management, showcasing a robust use-case portfolio.
Deploying on both Ethereum and Solana networks, USDCV reflects SG-FORGE’s dedication to scalable and interoperable blockchain infrastructure. BNY Mellon highlights the vital role stablecoins play in enhancing financial resiliency and operational efficiency while opening new opportunities for corporates and investors, marking a pivotal integration of traditional finance with blockchain technology.
This collaboration positions SG-FORGE and BNY Mellon at the forefront of regulated stablecoin issuance, symbolizing a significant step toward the convergence of conventional financial systems and blockchain innovation.