Stablecoins are getting some traditional banking muscle behind them. Societe Generale-FORGE (SG-FORGE), the crypto asset-focused arm of French banking giant Societe Generale, has announced the launch of a USD-denominated stablecoin called USD CoinVertible (USDCV).
The asset will debut on both the Ethereum and Solana blockchains, with BNY Mellon appointed to safeguard the reserves backing the token.
A step forward for TradFi-Stablecoin integration
USDCV marks SG-FORGE’s second venture into stablecoin issuance following its euro-backed sibling EURCV, which launched in April 2023.
Both coins fall under the Electronic-Money Token (EMT) classification and are fully compliant with the EU’s MiCA regulation. Trading for USDCV is expected to begin in early July, and the token will not be available to U.S. persons.
According to SG-FORGE, the new dollar-backed asset is built for a variety of use cases, ranging from cross-border payments and FX settlement to crypto trading and on-chain collateral management.
In a statement to blocmates, Jean-Marc Stenger, CEO of SG-FORGE, explained:
“The launch of a US Dollar version was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially. This new currency will enable our clients to leverage the benefits of an institutional-grade stablecoin.”
SG-FORGE says it will offer 24/7 fiat-to-stablecoin conversion and daily transparency on the collateral backing USDCV, which is held to high-quality standards in terms of liquidity and credit rating.
BNY Mellon Takes Charge of Reserve Management
BNY Mellon, the largest custodian bank in the world, has been tapped to manage the reserves backing USDCV. Carolyn Weinberg, Chief Product & Innovation Officer at BNY, noted in a statement to blocmates:
“Stablecoins with 24/7 capabilities are catalyzing change. They have the potential to enhance resiliency, drive operational efficiencies, and create new opportunities.”
The collaboration reflects a growing intersection between traditional finance and blockchain infrastructure, especially as more banks and payment providers explore blockchain-based settlements.
USDCV and EURCV will be available via crypto brokers, exchanges, and institutional liquidity partners, with SG-FORGE continuing to expand its regulated footprint in Europe.
