Frank Nez 
June 11, 2025 – In a groundbreaking move for traditional finance, Société Générale, one of Europe’s largest banking institutions, has announced the launch of its US dollar-backed stablecoin, USD CoinVertible (USDCV), through its digital asset arm, Société Générale-FORGE (SG-FORGE).
Set to debut on the Ethereum and Solana blockchains in early July 2025, this initiative positions the French banking giant as the first major global bank to issue a publicly tradable, dollar-pegged stablecoin, signaling a seismic shift in the convergence of traditional and decentralized finance.
The USDCV follows the successful 2023 launch of SG-FORGE’s euro-backed stablecoin, EUR CoinVertible (EURCV), which was introduced on the Stellar blockchain and later expanded to Ethereum.
The decision to launch a US dollar-denominated stablecoin reflects the growing dominance of dollar-based stablecoins, which account for the lion’s share of the $250 billion stablecoin market.
“The stablecoin market remains largely US dollar-denominated,” said Jean-Marc Stenger, CEO of SG-FORGE.
“This new currency will enable our clients—whether institutions, corporates, or retail investors—to leverage the benefits of an institutional-grade stablecoin.”
Unlike many crypto-native stablecoins, USDCV is designed with regulatory compliance at its core, adhering to the European Union’s Markets in Crypto-Assets (MiCA) framework.
Classified as an Electronic Money Token (EMT), USDCV offers a regulated alternative to dominant players like Tether (USDT) and Circle’s USD Coin (USDC), which together command over $215 billion in market capitalization.
By partnering with the Bank of New York Mellon (BNY Mellon) as its reserve custodian, SG-FORGE ensures that USDCV’s reserves—initially held in cash and later diversified into high-quality assets—are fully transparent, with daily public disclosures of collateral composition and valuation on its website.
Why Ethereum and Solana?
The choice of Ethereum and Solana as the underlying blockchains for USDCV underscores SG-FORGE’s strategic vision to balance security, scalability, and interoperability.
Ethereum, with its robust infrastructure and deep liquidity, is a natural fit for institutional-grade applications, while Solana’s high throughput and low transaction costs make it ideal for real-time payments and cross-border settlements.
“The dual-chain deployment reflects our commitment to leveraging scalable and interoperable blockchain infrastructure,” Stenger noted, highlighting the potential for USDCV to integrate with decentralized applications (dApps) and liquidity pools across both ecosystems.
This move also elevates Solana’s profile as a blockchain for regulated finance, reinforcing its growing adoption among institutional players.
Recent partnerships with firms like Visa and Shopify, combined with network upgrades like the Firedancer validator client, have bolstered Solana’s reputation as a high-performance alternative to Ethereum.
The launch of USDCV could further drive demand for Solana’s native token, SOL, which has been trading steadily above $150 as investors eye a potential ETF approval in the US.
USDCV is poised to serve a wide range of use cases, from digital asset trading and on-chain foreign exchange to cross-border payments, settlement, and cash management.
By offering 24/7 fiat-to-stablecoin conversions, SG-FORGE aims to provide seamless integration between traditional financial systems and blockchain-based ecosystems.
“This stablecoin enables instant transaction settlement in both US dollars and euros, catering to the needs of global institutional and retail clients,” said Carolyn Weinberg, Chief Product & Innovation Officer at BNY Mellon.
The launch comes at a pivotal moment for stablecoins, as global adoption accelerates amid improving regulatory clarity.
A recent report estimates that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025, with projections suggesting the market could reach $2 trillion by 2028.
In the US, bipartisan legislation like the GENIUS Act is paving the way for clearer stablecoin regulations, while major tech firms such as Apple, X, and Airbnb are exploring digital token integration.
Globally, companies like Uber and Stripe are studying stablecoin applications to reduce costs associated with international money transfers.
A Competitive Landscape
Société Générale’s entry into the dollar stablecoin market pits it against established players like Tether and Circle, as well as emerging initiatives from other traditional financial institutions.
Reports indicate that US banking giants, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in preliminary discussions to launch a joint stablecoin, while Bank of America’s CEO has hinted at the possibility of an independent offering.
However, SG-FORGE’s first-mover advantage as a regulated bank issuing a dollar stablecoin on public blockchains gives it a unique edge, particularly in Europe, where MiCA provides a clear regulatory framework.
The launch of USDCV also highlights the challenges faced by euro-based stablecoins, which remain a niche segment with only €300 million in circulation, €40 million of which is attributed to SG-FORGE’s EURCV.
By contrast, the dollar stablecoin market’s rapid innovation and global demand make it a more competitive and lucrative space. SG-FORGE’s ability to navigate MiCA’s stringent requirements—such as high reserve thresholds and licensing hurdles—positions it as a trusted partner for institutions seeking compliant digital assets.
The launch of USDCV marks a significant milestone in Société Générale’s broader digital finance strategy, which includes expanding its stablecoin offerings to other blockchains, such as the XRP Ledger, as announced in November 2024.
By bridging traditional banking with decentralized platforms, SG-FORGE is positioning itself as a leader in the regulated digital asset space.
“We are excited to advance the stablecoin market as the trusted infrastructure for the growing and dynamic digital asset economy,” Weinberg added.
As trading for USDCV begins in July 2025, all eyes will be on Société Générale to see how its institutional-grade stablecoin reshapes the global financial landscape.
With liquidity supported by multiple market makers and brokers, and a commitment to transparency and regulatory compliance, USDCV could set a new standard for stablecoins, driving adoption among institutions and retail investors alike.
Disclaimer: USDCV and EURCV are not available to US residents due to regulatory restrictions.
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