Société Générale is no longer content to sit on the sidelines. As stablecoins emerge as the key infrastructure of Web3, the French bank is taking a strategic step forward. Its crypto subsidiary, SG Forge, is launching USD CoinVertible (USDCV), a stablecoin pegged to the dollar, to be deployed on both Ethereum and Solana. Trading is set to begin early July.
A World First for a Traditional Bank
This is unprecedented: Société Générale becomes the first global bank to issue a public-dollar stablecoin. Not an isolated experiment, but a digital asset designed for the market. And they’re not cutting any corners: Bank of New York Mellon, a giant in traditional finance, is holding the dollar reserves backing the token.
Behind this announcement is a clear message: the convergence between TradFi and DeFi is no longer a dream. It’s happening now, through strong banking infrastructure and public blockchains.
The Stablecoin Bet: Essential for Operating in On-Chain Finance
With EUR CoinVertible (EURCV), SG Forge had already paved the way for a euro token complying with the MiCA regulatory framework. But the market speaks dollar. And for a good reason: USDT (Tether) weighs in at $155 billion, followed by USDC (Circle) at $60 billion. Volumes are skyrocketing, use cases are multiplying: crypto trading, cross-border payments, on-chain settlements, collateral, FX… The stablecoin is the foundation of modern DeFi.
“Launching a dollar version was the logical next step,” says Jean-Marc Stenger, CEO of SG Forge.
And above all, it’s a response to the surging institutional adoption.
An “Instit’ Grade” Asset, Not for Americans
SG Forge is targeting a broad audience: companies, asset managers, traders, fintechs. All clients looking for a regulated, traceable stablecoin integrated into the banking ecosystem. And here’s where the model shines: a token on Ethereum and Solana, but with reserves managed by BNY Mellon and a regulatory structure tailored for Europe. However, “U.S. persons” are excluded from the offer.
This is not a minor detail. It signifies that Europe is taking a concrete regulatory lead over the United States. And that behemoths like Société Générale can move swiftly, as long as the framework is clear.
In Summary: Crypto Finance is Becoming Banking, and Vice Versa
This launch marks a turning point. The stablecoin, long the domain of crypto startups, is becoming a matter for large banks. And with MiCA coming into effect, “institutional-grade stablecoins” will become the standard in European markets.
Société Générale doesn’t want to miss the train. And it just sent a strong signal: banks may not dominate crypto, but they certainly intend to play a central role.
