Societe Generale Launches USD Coinvertible on Ethereum and Solana

Societe Generale has announced plans to issue its USD-pegged stablecoin on the Ethereum and Solana networks. The bank’s crypto arm, Societe Generale-FORGE (SG-FORGE),  made this announcement and revealed when this stablecoin would begin trading.

Societe Generale Launches USD Stablecoin

In a press release, SG-FORGE announced the launch of a new stablecoin, the USD CoinVertible, on both the Ethereum and Solana networks under the ticker ‘USDCV.’ The Bank of New York Mellon Corporation (BNY) will act as the reserve custodian.

The USD CoinVertible is the second stablecoin that Societe Generale-FORGE will issue, following the EUR CoinVertible, which launched in April 2023 and is currently trading under the ticker ‘EURCV.’

The bank aims to allow investors to benefit from robust access to stablecoin markets and a seamless trading experience on two major currencies. SG-FORGE said it will propose to its clients instant 24/7 conversion between fiat currencies and stablecoins, enabling immediate, non-stop transactions in both the US dollar and the euro.

Meanwhile, trading of the stablecoin will start in early July. USDCV will list on various crypto exchanges, although SG-FORGE didn’t mention if it will also be available on top crypto exchanges like Binance and Bybit.

The stablecoin will be available to institutional, corporate, and retail investors through crypto brokers and payment service providers, with “reputable” market makers providing liquidity. The stablecoin is also fully MiCA-compliant.

Commenting on the launch of the stablecoin, Jean-Marc Stenger, Chief Executive Officer of Societe Generale – FORGE, said,

The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin”

Traditional finance (TradFi) continues to take a huge interest in stablecoins, as evident in the successful IPO by the USDC issuer Circle. The stablecoin firm raised around $1.1 billion through the sale of its Class A common stock at an IPO price of $31 per share.