Societe Generale Enters Stablecoin Market with Dollar-Pegged Token

French bank Societe Generale has announced the launch of a US dollar-pegged stablecoin called USD CoinVertible (USDCV) through its digital assets subsidiary, Societe Generale-Forge (SG-Forge). According to the June 10, 2025 announcement, the digital asset will be issued on the public Ethereum and Solana blockchains. BNY Mellon will act as reserve custodian.

This launch makes Societe Generale the first major lender to introduce a dollar-pegged stablecoin. SG-Forge previously launched a euro-pegged stablecoin in 2023. Bank representatives stated that the new token targets institutional, corporate, and retail clients, offering benefits related to payment efficiency and fiat currency stability.

The stablecoin can be used for crypto trading, cross-border payments, on-chain settlement, foreign exchange operations, and collateral management. Trading of USDCV is scheduled to start early next month.

Both USDCV and the euro-pegged stablecoin comply with the European Union’s MiCA regulations. The launch comes as more global banks explore issuing stablecoins to integrate with existing financial services.