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New crypto move from Societe Generale
The French banking giant Societe Generale, which manages assets worth more than 1.5 trillion dollars, has launched a new stablecoin through its crypto subsidiary Forge. According to the announcement made today; the dollar-indexed stablecoin named USD CoinVertible (USDCV) will operate on the Ethereum and Solana networks.
The storage function of the new stablecoin will be undertaken by the US-based giant bank BNY Mellon. It is worth recalling that in April 2023, Societe Generale launched its euro-based stablecoin, EUR CoinVertible, (EURCV).
Jean-Marc Stenger, CEO of Societe Generale-Forge, stated in a related announcement, "It was clear that after our MiCA-compliant euro stablecoin, the next step would be a dollar stablecoin. Stablecoins are recording significant growth."
It will also be listed on exchanges
It was noted that this stablecoin, which will be used in many areas such as 24/7 money conversion, real-time transactions in dollars and euros, cross-border payments, on-chain transactions and cash management, will also be listed on many exchanges.
However, due to regulations, both stablecoins will be closed to use by US citizens.
Societe Generale-Forge has previously made significant crypto moves such as decentralized finance and blockchain-based bond issuance.
Published: June 10, 2025 10:51 Last Updated: June 10, 2025 10:56