USDCV is Société Générale‑Forge’s new euro‑regulated US dollar‑pegged stablecoin now listed on Bullish Europe, offering MiCA- and BaFin‑supervised access for retail and institutional use including payments, remittances and FX under an e‑money token framework.
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Bullish Europe first to list USDCV under MiCA and BaFin oversight.
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USDCV is issued by Société Générale‑Forge and uses Bank of New York Mellon as custodian.
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Both USDCV and EURCV qualify as EU e‑money tokens, transferable under MiCA rules; several issuers have MiCA approvals in 2024.
USDCV stablecoin now live on Bullish Europe under MiCA and BaFin supervision — learn what this means for EU stablecoin access and regulation. Read more.
Bullish’s European arm became the first exchange to list Société Générale‑Forge’s new USDCV stablecoin under MiCA and BaFin oversight.
Bullish Europe has become the first platform to list Société Générale‑Forge’s USDCV stablecoin, expanding regulated access to a euro‑supervised digital dollar product across the European Union.
According to a Tuesday announcement, Bullish is the first to offer USD CoinVertible (USDCV) to customers through its German Federal Financial Supervisory Authority (BaFin) and Markets in Crypto‑Assets Regulation (MiCA) regulated trading platform.
The project follows an early June statement from Société Générale‑Forge that the stablecoin would launch with Bank of New York Mellon serving as custodian. Société Générale‑Forge previously launched the euro‑pegged EUR CoinVertible (EURCV) for institutional clients in 2023.
What is USDCV and how does it differ from EURCV?
USDCV stablecoin is an e‑money token issued by Société Générale‑Forge pegged to the US dollar and designed for payments, remittances and FX use in the EU. Unlike EURCV, which is euro‑pegged and targeted primarily at institutional customers, USDCV targets both retail and institutional markets under MiCA and French e‑money licensing.
How is USDCV regulated in the EU?
USDCV qualifies as an e‑money token within the European Union and is freely transferable under MiCA rules. Société Générale‑Forge holds an electronic money institution license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and Bullish’s German platform lists the token under BaFin supervision.
Who are the key partners and custodians for USDCV?
Société Générale‑Forge is the issuer and Bank of New York Mellon is the custodian for fiat reserves backing USDCV. Bullish Europe provides the regulated trading venue offering access to customers under MiCA and BaFin oversight.
Why does the Bullish listing matter for EU stablecoin markets?
Front‑loading regulated access, Bullish’s listing signals broader institutional adoption of EU‑compliant stablecoins. It creates a regulated on‑ramp for customers seeking MiCA‑aligned stablecoins and strengthens the EU on‑chain payments infrastructure without relying on unregulated offshore issuers.
How does this fit with recent EU stablecoin developments?
Europe has intensified stablecoin activity: new euro stablecoin projects, BaFin approvals for euro tokens, and multiple issuers receiving MiCA approvals in 2024. At the same time, EU officials have publicly warned about risks tied to non‑MiCA stablecoins and cross‑jurisdictional issuance.
Frequently Asked Questions
Is USDCV available to retail users?
Yes. Société Générale‑Forge intends USDCV for both retail and institutional users, and Bullish Europe lists the token for customer access under MiCA and BaFin supervision.
How do EU regulators view non‑MiCA stablecoins?
EU officials, including ECB representatives, have warned that stablecoins issued outside MiCA present risks to financial stability and call for strict limits and harmonised rules to avoid regulatory arbitrage.
Key Takeaways
- First regulated listing: Bullish Europe is the first platform to list Société Générale‑Forge’s USDCV under MiCA and BaFin oversight.
- E‑money token status: USDCV and EURCV qualify as e‑money tokens in the EU, enabling regulated transfer under MiCA rules.
- Regulatory context: The listing underscores EU efforts to build MiCA‑compliant stablecoin infrastructure amid warnings about non‑MiCA issuers.
Comparison: USDCV vs EURCV
| Token | Peg | Regulation | Primary use |
|---|---|---|---|
| USDCV | USD | MiCA, BaFin listing, ACPR‑licensed issuer | Payments, remittances, FX, store of value |
| EURCV | EUR | MiCA, ACPR license | Institutional liquidity and euro‑denominated settlements |
Conclusion
The Bullish Europe listing of Société Générale‑Forge’s USDCV stablecoin advances EU regulated stablecoin adoption by making a MiCA‑ and BaFin‑supervised dollar‑pegged token available to retail and institutional users. Expect further market activity as EU frameworks like MiCA continue to shape compliant stablecoin issuance and on‑chain payment rails.
Sources: Société Générale‑Forge announcement; Bullish Europe listing notice; public statements by European regulators including the ECB and national authorities.
