The French bank Société Générale, through its cryptocurrency subsidiary SG Forge, is preparing to launch a new stablecoin, USD CoinVertible (USDCV), pegged to the US dollar. The asset is set to launch in early July 2025, and the new token will be available on the Ethereum and Solana blockchains.
This is reported by Finway
Features of the New Stablecoin USDCV
The reserves that will ensure the stability of USDCV will be held at the Bank of New York Mellon. It is noted that this stablecoin is designed to facilitate the integration of digital assets into the traditional financial sector. Bank representatives emphasize that USD CoinVertible will become a reliable tool for various financial operations, including crypto trading, cross-border payments, blockchain settlements, currency transactions, as well as liquidity and collateral management.
“The bank’s stablecoins are created to support a wide range of client activities, including crypto trading, cross-border payments, blockchain settlements, currency transactions, and collateral and liquidity management. However, none of the tokens will be available to users from the US jurisdiction.”
Previous Experience and Market Demand
Previously, Société Générale launched the stablecoin EUR CoinVertible (EURCV), which fully complies with the European MiCA regulation on crypto assets. SG Forge CEO Jean-Marc Stenger emphasized that the next logical step after launching the euro-pegged token was the issuance of a dollar stablecoin due to the high demand for such digital assets in the market.
It is worth noting that USDCV, like the bank’s previous token, will be unavailable to users from the US. This is due to compliance with regulatory restrictions in this jurisdiction.
Recall that, according to Uber CEO Dara Khosrowshahi, stablecoins can significantly reduce costs during international money transfers.