Societe Generale SG-FORGE to launch USD-pegged stablecoin on Solana and Ethereum
The post Societe Generale SG-FORGE to launch USD-pegged stablecoin on Solana and Ethereum appeared on BitcoinEthereumNews.com. French bank Societe-Generale has launched a US Dollar pegged stablecoin known as USD CoinVertible (USDCV). The bank’s cryptocurrency division SG-FORGE disclosed today’s planned launch, noting that trading will start in July. According to SG-FORGE, the new stablecoin will be launched on Ethereum and Solana blockchain networks, while the Bank of New York Mellon (BNY) will serve as custodian of its reserves. With this move, Societe-Generale becomes the first bank to issue a USD-pegged stablecoin, a sector dominated by crypto-native firms such as Tether and Circle. However, USDCV is the second stablecoin from SG-FORGE since it launched the Euro CoinVertible (EURCV) in 2023. The bank noted that SG-FORGE will now propose the stablecoins to its customers for currency conversions and enable 24/7 transactions in USD and Euros. It said: “USD CoinVertible and EUR CoinVertible are designed to support a wide range of client activities, including crypto trading and cross-border payments, on-chain settlement, foreign exchange transactions, and collateral and cash management.” Interestingly, the bank stated that its stablecoins would be available on crypto exchanges and to institutional investors. However, they are not available to US residents. The unavailability to US residents is interesting, given that the two stablecoins are compliant with the European Union (EU) Market in Crypto Assets (MiCA) standards for Electronic Money Tokens (EMT). SG-FORGE is also licensed as an Electronic Money Institution (EMI). Despite not offering the USDCV in the US, the bank believes the product would still be seen in a stablecoin market dominated by USD-pegged tokens. SG-FORGE CEO Marc Stenger said: “After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US Dollar denominated.” BNY Mellon also highlighted its…
The post Societe Generale SG-FORGE to launch USD-pegged stablecoin on Solana and Ethereum appeared on BitcoinEthereumNews.com.
French bank Societe-Generale has launched a US Dollar pegged stablecoin known as USD CoinVertible (USDCV). The bank’s cryptocurrency division SG-FORGE disclosed today’s planned launch, noting that trading will start in July. According to SG-FORGE, the new stablecoin will be launched on Ethereum and Solana blockchain networks, while the Bank of New York Mellon (BNY) will serve as custodian of its reserves. With this move, Societe-Generale becomes the first bank to issue a USD-pegged stablecoin, a sector dominated by crypto-native firms such as Tether and Circle. However, USDCV is the second stablecoin from SG-FORGE since it launched the Euro CoinVertible (EURCV) in 2023. The bank noted that SG-FORGE will now propose the stablecoins to its customers for currency conversions and enable 24/7 transactions in USD and Euros. It said: “USD CoinVertible and EUR CoinVertible are designed to support a wide range of client activities, including crypto trading and cross-border payments, on-chain settlement, foreign exchange transactions, and collateral and cash management.” Interestingly, the bank stated that its stablecoins would be available on crypto exchanges and to institutional investors. However, they are not available to US residents. The unavailability to US residents is interesting, given that the two stablecoins are compliant with the European Union (EU) Market in Crypto Assets (MiCA) standards for Electronic Money Tokens (EMT). SG-FORGE is also licensed as an Electronic Money Institution (EMI). Despite not offering the USDCV in the US, the bank believes the product would still be seen in a stablecoin market dominated by USD-pegged tokens. SG-FORGE CEO Marc Stenger said: “After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US Dollar denominated.” BNY Mellon also highlighted its…
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