French banking group Societe Generale’s digital asset unit, SG-FORGE, has introduced a U.S. dollar-pegged stablecoin named USD CoinVertible (USDCV). This stablecoin is issued on both the Ethereum and Solana blockchains, with BNY Mellon serving as the reserve custodian.
The launch of USDCV marks the first time a major global banking group has issued a USD-backed stablecoin on public blockchains. Societe Generale had previously released EUR CoinVertible (EURCV), a euro-denominated stablecoin, in 2023.
USDCV is designed to cater to both institutional and retail clients outside the United States, facilitating real-time, round-the-clock conversions between fiat currency and blockchain-based assets. Trading of the stablecoin is expected to commence in early July, although it will not be available to U.S. residents.
Earlier, Societe Generale’s SG Forge obtained a license from the French financial regulator, Autorité des Marchés Financiers (AMF), to provide cryptocurrency services in France. This move positioned Societe Generale as the first company to receive such approval in the country, allowing them to offer services like buying, selling, exchanging, and custody of digital assets.
The introduction of USDCV showcases Societe Generale’s commitment to embracing digital assets and blockchain technology, positioning themselves at the forefront of innovation in the traditional banking sector.
References:
– CryptoCurrency – Finance Magnates | Financial and business news
– PYMNTS.com
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