SocGen’s Crypto Arm Unveils Dollar Stablecoin on Ethereum and Solana

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SocGen’s Crypto Arm Unveils Dollar Stablecoin on Ethereum and Solana

SG Forge’s USD CoinVertible has Bank of New York Mellon acting as reserve custodian for the token.

Sultan Sikander

June 10, 2025

1Min Read

SocGen’s Crypto Arm Unveils Dollar Stablecoin on Ethereum and Solana

Cryptocurrency

SocGen Makes History with Dollar-Backed Stablecoin

Societe Generale, a French banking giant, is set to revolutionize the financial landscape with the introduction of USD CoinVertible (USDCV), a dollar-backed stablecoin on Ethereum and Solana blockchains!

The Details:

Trading starts early July
Bank of New York Mellon acts as reserve custodian for the token, ensuring seamless integration between traditional and digital finance
Not available to U.S. residents, SG Forge clarifies

Why it matters:

SocGen becomes the first global banking group to issue a public stablecoin tied to the U.S. dollar
Market adoption of stablecoins is growing exponentially, says SG Forge CEO Jean-Marc Stenger
USDCV is designed to support various client activities, including:
Crypto trading
Cross-border payments
On-chain settlement
Foreign exchange transactions
Collateral and cash management

The Stablecoin Market:

Dominated by Tether's USDT ($155B market cap)
USDC, issued by Circle, ranks second ($60B market cap)

SG Forge's Vision:

\The stablecoin market remains largely U.S. dollar denominated. This new currency will enable our clients to leverage the benefits of an institutional-grade stablecoin,\ says CEO Jean-Marc Stenger