Société Générale launches US dollar stablecoin on Ethereum and Solana

Société Générale-Forge, the crypto subsidiary of French financial services company Société Générale, has launched a new US dollar-pegged stablecoin.

According to a June 10 announcement, the stablecoin, dubbed USD CoinVertible (USDCV), will be issued on the Ethereum and Solana blockchains. United Kingdom-based financial services firm BNY will act as the custodian for the assets backing the stablecoin.

The announcement follows the firm’s April 2023 launch of its euro-pegged stablecoin EUR CoinVertible (EURCV) for institutional customers.

“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,” said Jean-Marc Stenger, CEO of Société Générale-Forge.

EURCV market cap and collateralization. Source: Société Générale-Forge

USDCV aims to provide seamless access to the stablecoin market, offering 24/7 conversions between fiat currencies and digital dollars or euros. According to the company, this settlement will enable real-time settlement of transactions in both US dollars and euros.

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Stablecoins are a multi-purpose instrument

The company said both USDCV and EURCV are intended for a wide range of use cases, including crypto trading, cross-border payments, onchain settlement, foreign exchange transactions, and collateral and cash management.

The company added that the stablecoins will be listed on multiple cryptocurrency exchanges and made available to institutional, corporate and retail investors through brokers and payment service providers. USDCV trading is expected to start in July, but neither it nor EURCV will be available to US-based persons.

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