The crypto arm of the French banking giant Societe Generale is launching a US dollar stablecoin on the Ethereum (ETH) and Solana (SOL) blockchains.
In a new announcement, the Societe Generale-FORGE says it is launching the USD CoinVertible (USDCV), its second stablecoin after the 2023 launch of EUR CoinVertible (EURCV).
Says Jean-Marc Stenger, CEO of the Societe Generale-FORGE,
“After the release of a MiCA-compliant EUR stablecoin EURCV, the launch of a US Dollar version USDCV was the obvious next step for Societe Generale-FORGE as market adoption of stablecoins is growing exponentially.
The stablecoin market remains largely US dollar-denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin.”
The French bank says that the Bank of New York Mellon Corporation (BNY) will serve as its “reserve custodian,…
