SG Forge, the cryptocurrency subsidiary of Societe Generale, France’s third-largest bank, is set to launch a US dollar-backed stablecoin targeting institutional clients on the Ethereum blockchain. This initiative will mark the first US dollar stablecoin issued by a major bank on a public blockchain.
Sources from French media The Big Whale reveal that SG Forge plans to initially deploy the stablecoin on Ethereum, with future expansions targeted to other networks such as Solana. Unlike JPMorgan Chase’s JPM Coin, which operates on a private permissioned blockchain and is accessible only by JPMorgan partners, SG Forge’s stablecoin will be available on a public blockchain, expanding accessibility.
This move follows SG Forge’s previous stablecoin offering, the EUR CoinVertible (EURCV), launched on Ethereum in April 2023 for institutional investors in euros. EURCV serves as the foundation of SG Forge’s regulatory-compliant digital asset strategy.
The US dollar stablecoin aims at a substantially larger and more competitive market, particularly within the European Union, where demand for tokenized regulated dollar liquidity is increasing. SG Forge holds an e-money license under EU law, allowing it to legally issue the stablecoin similarly to Circle’s USDC.
The stablecoin market is expanding rapidly, with the total valuation of dollar-pegged tokens nearing $250 billion, while euro-based stablecoins remain limited in circulation. SG Forge’s EURCV currently accounts for around €40 million of approximately €300 million euro stablecoins in the market.