SG-FORGE, the digital asset unit of French banking group Societe Generale, has launched a U.S. dollar-pegged stablecoin named USD CoinVertible (USDCV). The asset is issued on both the Ethereum and Solana blockchains.

BNY Mellon serves as the reserve custodian for USDCV. Societe Generale stated that trading of the stablecoin is expected to begin in early July. The asset is not available to residents of the United States.

Major Bank Issues USD Stablecoin

This marks the first time a major global banking group has issued a USD-backed stablecoin on public blockchains. It follows SG-FORGE’s release of EUR CoinVertible (EURCV), a euro-denominated stablecoin, in 2023.

USDCV targets both institutional and retail clients based outside the United States. It is designed to support real-time, round-the-clock conversions between fiat currency and blockchain-based assets.

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SG Forge Licensed for Crypto Services

Earlier, Finance Magnates reported that Societe Generale obtained a license to provide cryptocurrency services in France, becoming the first company to receive such approval in the country.

The license was granted to SG Forge, by the French financial regulator, Autorité des Marchés Financiers (AMF). This license permits the firm to offer services including buying, selling, exchanging, and custody of digital assets.

While several cryptocurrency exchanges, such as Binance, are registered with the AMF, Societe Generale is the first to receive a formal license from the regulator. The company is the third largest bank in France by market capitalization.

Source: Finance Magnates