Key Highlights:
- Societe Generale plans to launch USD CoinVertible (USDCV), a dollar-backed stablecoin.
- USDCV will launch on both Ethereum and Solana.
- BNY Mellon will custody reserves for the stablecoin.
- The coin will comply with MiCA regulations.
USDCV Set to Expand Bank’s Crypto Presence
Societe Generale, through its crypto subsidiary SG-Forge, will launch a new USD-pegged stablecoin called USD CoinVertible (USDCV) on Ethereum and Solana. This initiative marks the bank's expansion beyond its existing euro stablecoin EURCV, which launched in 2023.Institutional Custody and Compliance
Reserves for USDCV will be held by BNY Mellon, providing an institutional-grade foundation for the asset. SG-Forge CEO Jean-Marc Stenger emphasized the importance of offering a regulated, dollar-based asset in a market where USD-backed stablecoins dominate.MiCA Regulatory Alignment
Both EURCV and USDCV comply with the EU’s Markets in Crypto-Assets (MiCA) framework. These are issued as Electronic-Money Tokens (EMTs), making them among the first compliant assets under the EU’s unified digital asset regulation.Stablecoin Market Continues to Grow
The announcement comes amid global moves toward stablecoin regulation. The market recently surpassed $250 billion, and other major players are entering the space. In the U.S., the GENIUS Act is progressing through the Senate, and in Asia, South Korea is also introducing licensing frameworks for issuers.
Read the full article on
theblock.
