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Traditional Finance is Warming Up to the Crypto Sector! French Banking Giant is Preparing to Launch a Stablecoin! Here are the Details
**SG Forge, the cryptocurrency subsidiary of French banking giant Société Générale, is set to launch a new U.S. dollar-backed stablecoin, the USD CoinVertible (USDCV), on the Ethereum and Solana blockchains. The new stablecoin is expected to begin trading in early July.
SocGen's Crypto Branch's Dollar-Supported Stablecoin Move: USD CoinVertible is Coming
According to the statement made by SG Forge, the reserve custody service of the USDCV token will be undertaken (BNY Mellon) Bank of New York Mellon, one of the heavyweights of the traditional financial world. This move is considered an important step towards the (DeFi) integration of traditional finance (TradFi) and digital finance.
SG Forge CEO Jean-Marc Stenger emphasized that interest in the stablecoin market is rapidly increasing, stating the following:
"Following the launch of the euro-backed stablecoin EURCV developed in accordance with MiCA regulations, the release of the dollar version was a natural next step for Société Générale–FORGE."
The MiCA referenced by Stenger is the European Union's new regulatory framework for crypto asset markets. SG Forge has emerged as the bank that conducted the first regulated stablecoin issuance in Europe with EURCV.
The new stablecoin USDCV will compete with existing market giants like Tether (USDT) and Circle's USDC. The stablecoin market is still largely traded in dollars. USDT has a market capitalization of approximately 155 billion USD, while USDC has a market capitalization of around 60 billion USD.
SG Forge stated that both USD CoinVertible and EUR CoinVertible stablecoins can be used in many areas such as crypto trading, cross-border payments, on-chain settlement transactions, currency transactions, collateral and cash management for institutional investors, companies, and individual investors.
However, the company emphasized that neither the USD CoinVertible nor the EUR CoinVertible stablecoins are offered to U.S. citizens.
This development indicates that large banks based in Europe have started to integrate more deeply into the crypto ecosystem and strengthened the trend towards developing compliant digital asset solutions.
*It is not investment advice.
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