Société Générale-Forge Launches USD-denominated Stablecoin
Introduction of USD CoinVertible
Société Générale-Forge, the crypto arm of the renowned French financial services company Société Générale, has officially launched its new stablecoin, dubbed USD CoinVertible (USDCV). This stablecoin is pegged to the US dollar and will be deployed on both the Ethereum and Solana blockchains. The financial services firm Bank of New York Mellon has been designated as the custodian for the assets that back this stablecoin.
The announcement of USDCV follows closely on the heels of Société Générale’s launch of EUR CoinVertible (EURCV), a euro-pegged stablecoin designed for institutional clients, which debuted in April 2023. ## Market Context and Objectives
Jean-Marc Stenger, CEO of Société Générale-Forge, articulated the strategic vision behind the new stablecoin, stating, “After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US dollar version (USDCV) was the obvious next step for Société Générale-Forge as market adoption of stablecoins is growing exponentially.” This reflects a growing trend in the financial sector, where digital currencies are increasingly utilized for various financial transactions.
USDCV aims to provide seamless access to the stablecoin market, facilitating 24/7 conversions between fiat currencies and digital dollars or euros. The company highlighted that this capability will enable real-time settlement of transactions in both currencies, enhancing efficiency for users engaged in crypto trading and transactions.
Use Cases and Accessibility
According to Société Générale-Forge, both USDCV and EURCV are designed for a multitude of use cases. These include crypto trading, cross-border payments, on-chain settlements, foreign exchange transactions, as well as collateral and cash management. This versatility positions these stablecoins as multi-purpose instruments within the financial landscape.
Plans include listing USD CoinVertible on multiple cryptocurrency exchanges, making it accessible to a broad spectrum of users including institutional, corporate, and retail investors via brokers and payment service providers. Initial trading for USDCV is expected to commence in July. However, it is important to note that both USDCV and EURCV will not be available to individuals based in the United States.
Global Stablecoin Adoption
The launch of USDCV is integral to the broader trend of increasing global adoption of stablecoins, especially as regulatory clarity continues to improve in various jurisdictions. A recent report indicates that stablecoin transactions worth approximately $94.2 billion were settled between January 2023 and February 2025, underscoring their growing significance in the financial ecosystem.
Internationally, various governments are advancing legislation to facilitate the issuance of stablecoins. For example, in South Korea, the government is pressing ahead with crypto legislation that could lead to the establishment of domestic stablecoins, fulfilling a key campaign promise from President Lee Jae-myung. In the U.S., anticipated regulatory measures are encouraging major tech companies to evaluate the integration of stablecoins into their operations.
The use of stablecoins is also becoming evident in different parts of the world. Recently, reports surfaced showing Tether’s USDt (USDT) being used in Bolivia with prices displayed in USDT at a local airport store, reflecting the unofficial adoption of digital currencies. Furthermore, companies such as Uber are exploring the potential of stablecoins to reduce costs associated with international money transfers, while payment giant Stripe is reportedly engaging in discussions with banks regarding potential stablecoin integration.
Conclusion
The launch of USD CoinVertible represents a significant step for Société Générale-Forge in advancing the use of stablecoins in the financial industry. As the global landscape for digital currencies evolves, USDCV is poised to tap into the increasing demand for efficient and versatile financial instruments. With strong backing and a commitment to regulatory compliance, Société Générale-Forge is positioned to play a vital role in the future of stablecoin integration in both traditional and digital finance.
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