Societe Generale Launches USD-Pegged Stablecoin on Ethereum and Solana
On June 10, Societe Generale launched its USD-pegged stablecoin, USD CoinVertible (USDCV), via its subsidiary Societe Generale-FORGE. The stablecoin will utilize the Ethereum and Solana blockchains.
- BNY will act as custodian for USDCV.
- Societe Generale previously introduced EUR CoinVertible (EURCV) in April 2023 on the Stellar network.
- CEO Jean-Marc Stenger emphasized the growing market adoption of stablecoins.
USDCV aims to facilitate seamless exchanges between traditional currencies and digital equivalents, enabling instant transaction settlements in both USD and euros.
Regulatory Developments
- The U.S. is working on stablecoin regulations via the GENIUS Act.
- Senator Ruben Gallego noted support for the Senate's stablecoin bill, with potential bipartisan backing.
- The stablecoin market value approaches $250 billion, led by Tether’s USDT at $152.4 billion and Circle’s USDC at $61 billion.
Societe Generale is exploring opportunities in the stablecoin sector amidst competition from Wall Street banks. Circle recently went public on the NYSE under the CRCL ticker, with significant interest from investors like Ark Invest’s Cathie Wood.