Societe Generale-FORGE announced plans to launch a USD denominated stablecoin on permissionless blockchain networks, partnering with Bank of New York Mellon (BNY) as reserve custodian. The USD CoinVertible (USDCV) will be deployed on both Ethereum and Solana blockchains, offering institutional grade digital currency access around the clock.
The new stablecoin represents SG-FORGE’s second digital currency offering, following the EUR CoinVertible (EURCV) launched in April 2023. As the first subsidiary of a global systemically important bank to launch a public blockchain stablecoin, SG-FORGE aims to capitalize on the growing institutional adoption of digital assets.
“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,” said Jean-Marc Stenger, CEO of Societe Generale – FORGE.
BNY also provides bank accounts for Circle’s USDC stablecoin as well as custody and other services for the BlackRock operated Circle Reserve Fund.
Trading of USDCV is expected to begin in early July, though the stablecoin will not be available to US clients due to regulatory restrictions. Both USD and EUR versions comply with Europe’s Markets in Crypto-assets regulation (MiCAR), with SG-FORGE licensed as an Electronic Money Institution by French authorities.
Current market position
EURCV currently operates only on Ethereum, but the company previously announced plans to expand to multiple blockchains, including Stellar, Solana, and XRP Ledger. The EUR stablecoin maintains a modest €41 million market capitalization, with distribution concentrated among few holders. Four wallets control over 90% of supply, and three representing €25 million has remained largely inactive.
SG-FORGE positions both stablecoins to serve a diverse client base spanning institutional investors, corporations and retail users. The stablecoins will be listed on crypto exchanges and made available through various brokers and payment service providers, targeting broad market appeal beyond traditional finance applications.
