Société Générale-Forge Launches USD CoinVertible (USDCV) Stablecoin on Ethereum and Solana Blockchains

Société Générale-Forge, the crypto division of the French banking giant Société Générale, has unveiled a new stablecoin named USD CoinVertible (USDCV), pegged to the US Dollar. This strategic move, announced on June 10, marks a significant expansion of their digital asset offerings, with issuance planned on both the Ethereum and Solana blockchains. The UK-based financial services firm BNY will serve as the custodian, ensuring robust asset backing and regulatory compliance.

This launch follows the successful introduction of the Euro-pegged stablecoin EUR CoinVertible (EURCV) in April 2023, which targeted institutional investors seeking stable digital currency solutions. By leveraging established blockchain networks and trusted custodial partnerships, Société Générale-Forge aims to enhance liquidity and trust within the stablecoin market, catering to the evolving needs of institutional clients.