SG Forge Plans Launch of Dollar-Backed Stablecoin on Ethereum
Société Générale’s crypto division, SG Forge, plans to launch a dollar-backed stablecoin on Ethereum, marking the first public stablecoin tied to the U.S. dollar by a global banking group. Key details include:
- The stablecoin will be accessible on Ethereum, with future support for Solana.
- Expected launch in coming weeks, as reported by The Big Whale.
- The token targets institutional investors and leverages SG Forge’s e-money license for EU operations.
This initiative follows the 2023 introduction of SG Forge’s euro stablecoin, EURCV, which has a market cap of approximately $46.5 million compared to competitors like Circle’s EURC at over $237 million.
U.S. dollar stablecoins dominate the market, led by Tether’s USDT at $151.6 billion and Circle’s USDC at $60.6 billion.
Stablecoin adoption is increasing, with banks exploring these assets to maintain competitiveness against cryptocurrency-native firms.