Societe Generale’s digital assets subsidiary, Societe Generale‑Forge (SG‑FORGE), has announced the launch of a new U.S. dollar‑denominated stablecoin, USD CoinVertible (USDCV), on the Ethereum and Solana public blockchains. The token is designed to maintain a 1:1 peg to the U.S. dollar, with reserves held in traditional financial instruments and custodied by BNY (Bank of New York Mellon), which will act as reserve custodian. This makes Societe Generale the first major European bank to issue a USD‑backed stablecoin on public blockchains, extending its earlier euro‑denominated EUR CoinVertible (EURCV) product launched in April 2023. Trading in USDCV is expected to begin in early July, and the product is not available to U.S. persons. The launch fits into Societe Generale’s broader strategy of building regulated, bank‑grade infrastructure for tokenized finance, targeting institutional clients that want blockchain‑based settlement and on‑chain liquidity but within a traditional regulatory and compliance framework. By issuing on both Ethereum and Solana, SG‑FORGE is positioning USDCV for use cases that range from tokenized securities and digital bonds to on‑chain FX, collateral management, and institutional DeFi integrations. The involvement of BNY Mellon as reserve custodian is intended to bridge traditional finance and crypto rails, potentially making USDCV more acceptable to regulated institutions than stablecoins issued by non‑bank crypto firms. Commentators have highlighted this move as part of a broader trend of large banks entering the stablecoin and tokenization market, competing with existing players such as USDC and USDT by offering a regulated, bank‑issued alternative.

AI-generated background, compiled from web sources — not editorial content.

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