French banking giant Société Générale's crypto arm, SG-Forge, announced the upcoming launch of a new US dollar-pegged stablecoin named USD CoinVertible (USDCV). The stablecoin will be issued on both the Ethereum and Solana blockchains, with trading set to begin in early July 2025.
USDCV follows SG-Forge's earlier launch of a MiCA-compliant euro-backed stablecoin, EUR CoinVertible (EURCV), released on the Stellar network in April 2023. Both tokens fully comply with the European Union's Markets in Crypto-Assets (MiCA) regulation, making them among the first MiCA-compliant stablecoins in the market.
The Bank of New York Mellon Corporation (BNY Mellon) will serve as the custodian for the reserves backing USDCV, ensuring that assets meet high-quality traditional custodian standards. SG-Forge will publish daily valuations and details on collateral composition, enhancing transparency and institutional trust.
USDCV targets institutional and corporate clients in Europe and eligible jurisdictions, offering features such as 24/7 on-chain settlement, seamless foreign exchange conversions, collateral management, and support for cross-border payments. The stablecoin will not be available to U.S. clients due to regulatory reasons.
This launch aligns with broader digital asset adoption trends among traditional banks, as analysts forecast global stablecoin circulation could reach nearly $2.8 trillion by 2028. Major financial institutions like Standard Chartered and Bank of America have also initiated stablecoin projects recently.
By supporting both Ethereum and Solana, USDCV balances the dominant network's reach with Solana's speed and low-cost advantages, appealing to institutions requiring efficient cross-border settlements and continuous operational capabilities.
Stablecoins currently account for around 60% of global on-chain transaction volumes worldwide due to their stability, low fees, and quick settlement times. Societe Generale-FORGE's USDCV contributes to this growing shift toward integrating blockchain technology into mainstream finance.