Societe Generale-FORGE to launch new USD CoinVertible stablecoin on Ethereum and Solana
Societe Generale-FORGE plans to launch its new stablecoin, the USD CoinVertible, on both Ethereum and Solana blockchains. Trading for USDCV is scheduled to start in early July 2025.
According to a recent press release, SG-FORGE, the integrated subsidiary of Societe Generale Group dedicated to crypto, is preparing to issue its upcoming USD-backed stablecoin on Ethereum (ETH) and Solana (SOL). Trading for the stablecoin is projected to start sometime in early July 2025.
The USD CoinVertible will be the second stablecoin issued by SG-FORGE. Its release comes a few months after the firm deployed its first euro-backed stablecoin on Stellar (XLM), the EUR CoinVertible. With the addition of its latest USD-backed stablecoin, clients will be able to convert fiat currencies into stablecoins, enabling immediate transactions in both USD and EUR.
Much like its euro-based counterpart, the USD CoinVertible’s collateral composition and real world-asset backing will be shown publicly on the SG-FORGE website and updated on a daily basis.
Based on the press release, the U.K.-based Bank of New York Mellon Corporation has been tapped to be the token’s reserve custodian.
Even though the token is backed by USD, the crypto arm of Societe-Generale informed clients that the stablecoin is not available to trade in the United States. This is because the token has not been registered under the U.S. Securities Act of 1933, as amended the “Securities Act.”
As a result, the USDCV may not be offered, sold, pledged or transferred to customers based in the United States at any time except in an “offshore transaction.” Not unless it has obtained the all-clear from U.S. financial authorities.
On the other hand, EU customers will be able to freely trade USD CoinVertible as it is deemed fully-compliant with Europe’s Markets in Crypto-assets or MiCA regulations. SG-FORGE is also licensed as a stablecoin issuer under the Electronic Money Institution by the French ACPR.
Chief Executive Officer of Societe Generale-FORGE, Jean-Marc Stenger, said that issuing a USD-backed stablecoin was an obvious next step for the company as global stablecoin adoption continues to show significant growth.
“The stablecoin market remains largely U.S. dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin,” said Stenger in his statement.
Last February, Societe Generale-FORGE issued the company’s first stablecoin, the euro-backed EUR CoinVertible on the Stellar blockchain. Earlier in November 2024, the firm also announced plans to launch a stablecoin on the XRP (XRP) ledger.
