Société Générale Launches USD-Pegged Stablecoin Designed For Institutional Use
French financial services company Société Générale, through its cryptofinance subsidiary Société Générale-Forge, has unveiled USD CoinVertible (USDCV), a US dollar-pegged stablecoin designed for institutional use.
“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step as market adoption of stablecoins is growing exponentially,” stated Jean-Marc Stenger, CEO of Société Générale-Forge.
Key Features:
- Available on both Ethereum and Solana blockchains
- Supported by BNY Mellon as custodian
- Aims to provide 24/7 currency conversion capabilities
- Enables real-time settlement of USD and EUR transactions
- Targets institutional, corporate and retail investors through various financial intermediaries
- Set to launch on major cryptocurrency exchanges in July
This represents the second stablecoin offering from Société Générale-Forge after the introduction of their euro-pegged EUR CoinVertible (EURCV) earlier in April 2023, which attained approximately €1.2 billion in collateralization at its peak.
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The Multi-Purpose Instrument
The bank characterizes both stablecoins as versatile instruments suitable for various use cases:
According to Société Générale-Forge, both USDCV and EURCV are engineered for applications including crypto trading, international payments, on-chain settlement, foreign exchange operations, and as collateral or cash management solutions.
Built upon the Ethereum and Solana ecosystems, USDCV seeks to facilitate smooth integration with existing blockchain infrastructure while ensuring stability through its dollar peg. Market participants are projected for listing on multiple cryptocurrency exchanges in the coming months, further broadening its accessibility to institutional and retail clientele.
Target Market Exclusions: Initial offerings will exclude the United States, aligning with the bank’s global expansion strategy.
