Societe Generale’s digital asset arm, SG Forge, is launching a US dollar pegged stablecoin that will operate on the Ethereum and Solana public blockchains.
US banking group BNY has been appointed as the reserve custodian, with responsibility for safeguarding the stablecoin’s collateral reserves.
The USD CoinVertible (USDCV) will be compliant with the European Union’s Markets in Crypto Asset (MiCA) regulations, with trading scheduled to begin in July 2025.
In a media statement, Jean-Marc Stenger, chief executive officer of SG Forge, said the launch was the obvious next step for the business as market adoption of stablecoins continues to grow exponentially.
He said: “This new currency will enable our clients, either institutions, corporates, or retail investors, to leverage the benefits of an institutional-grade stablecoin.”
Institutional market participants as well as corporate and retail clients will have access to USD CoinVertible with SG Forge offering immediate stablecoin conversion for USD and EUR at any time of day.
Carolyn Weinberg, chief product and innovation officer at BNY, said the bank is excited to advance the stablecoin market as the trusted infrastructure for the growing and dynamic digital assets economy.
“BNY’s established history and deep expertise across traditional and digital assets, is propelling the future of the financial system across cash, investment management, custody, collateral, on-chain data, payments and beyond.
“The cash market is undergoing a massive transformation, and stablecoins with 24/7 capabilities are catalysing much of this change. They have the potential to enhance resiliency, drive operational efficiencies, and create new opportunities for corporates and investors alike.”
Last week, SG Forge announced a tie-up with BCB Group with the payments group chosen to distribute its Euro-linked stablecoin (EURCV).
