On June 10, 2025, Société Générale – Forge, the cryptocurrency subsidiary of French financial services company Société Générale, announced the launch of a new US – dollar – pegged stablecoin named USD CoinVertible (USDCV). It will be issued on the Ethereum and Solana blockchains. BNY, a UK – based financial services firm, will serve as the custodian for the assets backing the stablecoin.
This launch comes after the company introduced the euro – pegged stablecoin Eur CoinVertible (EURCV) in April 2023 for institutional customers. Jean – Marc Stenger, CEO of Société Générale – Forge, said that with the exponential growth in the market adoption of stablecoins, launching a US – dollar – version stablecoin was the logical next step. USDCV aims to provide seamless access to the stablecoin market, enabling 24/7 conversions between fiat currencies and digital dollars or euros. The company plans to list the stablecoin on multiple cryptocurrency exchanges and make it available to institutional, corporate, and retail investors through brokers and payment service providers, except for US – based persons. USDCV trading is expected to commence in July.
Both USDCV and EURCV are designed for a variety of use cases, including crypto trading, cross – border payments, on – chain settlement, foreign exchange transactions, and collateral and cash management. The dual – chain deployment on Ethereum and Solana reflects Société Générale – Forge’s commitment to leveraging scalable and interoperable blockchain infrastructure.
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