Societe Generale’s crypto unit launches USDCV, a dollar-pegged stablecoin set to trade on Ethereum and Solana.
Societe Generale intends to distribute its USD-pegged stablecoin on the Ethereum and Solana networks.
Societe Generale-FORGE (SG-FORGE), the bank’s crypto branch, announced and disclosed the date the stablecoin would commence trading.
Societe Generale Introduces USD Stablecoin
The USD CoinVertible, a new stablecoin, was introduced by SG-FORGE in a press release.
It is available on the Ethereum and Solana networks under the’ USDCV ticker. The reserve custodian will be the Bank of New York Mellon Corporation (BNY).
The USD CoinVertible is the second stablecoin that Societe Generale-FORGE will issue, following the EUR CoinVertible launched in April 2023 and is presently trading under the ticker ‘EURCV.’
The bank aims to provide investors with a seamless trading experience on two main currencies and robust access to stablecoin markets.
SG-FORGE has announced that it will offer its clients the ability to conduct immediate, non-stop transactions in both the US dollar and the euro by providing instant, 24/7 conversion between fiat currencies and stablecoins.
In the interim, the stablecoin will commence transactions in early July. USDCV will be listed on various crypto exchanges, although SG-FORGE did not specify whether it will also be available on major crypto exchanges such as Binance and Bybit.
Liquidity will be provided by “reputable” market makers, and the stablecoin will be accessible to institutional, corporate, and retail investors via crypto brokers and payment service providers.
Additionally, the stablecoin is entirely MiCA-compliant.
Jean-Marc Stenger, Chief Executive Officer of Societe Generale – FORGE, expressed his thoughts on the stablecoin’s introduction in the following manner:
The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin”
The successful IPO of USDC issuer Circle is evidence of the continued significant interest in stablecoins by traditional finance (TradFi).
The stablecoin company raised approximately $1.1 billion by selling its Class A common stock at an initial public offering price of $31 per share.
