SocGen’s Crypto Division to Launch Dollar-Backed Stablecoin in July
SG Forge, the cryptocurrency division of Société Générale, will launch a dollar-backed stablecoin called USD CoinVertible (USDCV) on Ethereum and Solana in early July. Bank of New York Mellon will act as reserve custodian for this token.
Key points:
- First global banking group to issue a public stablecoin tied to the U.S. dollar
- Follows the launch of the euro-backed EUR CoinVertible (EURCV)
- Stablecoins are integral for crypto trading and various applications
- USDT leads the market with a cap of $155 billion, while USDC has a $60 billion cap
- Aims to facilitate institutional-grade services for clients, including crypto trading and cross-border payments
- Not available to "U.S. Persons"
SG Forge's CEO emphasized the growing market adoption of stablecoins and the importance of integrating traditional and digital financial systems.