Financial services giant Société Générale debuts USD-backed cryptocurrency with Bank of New York Mellon providing custodial services
In an exciting development, Societe Generale-FORGE, a leading provider of digital asset services, is set to launch a new stablecoin, the USD CoinVertible (USDCV), in early July. This follows the successful launch of the EUR CoinVertible (EURCV) in April 2023.
Both the USD and EUR versions of the stablecoin comply with Europe's Markets in Crypto-assets regulation (MiCAR) and Societe Generale-FORGE is licensed as an Electronic Money Institution by French authorities. The EURCV stablecoin will be expanded to multiple blockchains, including Stellar, Solana, and XRP Ledger, while the USDCV will be deployed on Ethereum and Solana.
The EURCV, already in circulation, is fully regulated under the European MiCA framework as an Electronic-Money Token (EMT) and backed 100% by segregated cash collateral held at Societe Generale. It is redeemable 1:1 for euros and operates on Ethereum (ERC-20) and Solana, ensuring interoperability and wide accessibility.
As for the current market capitalization figures, specific data for EURCV or USDCV tokens are not publicly available. Given their institutional issuance and compliance-focused nature, these stablecoins have a relatively limited circulation compared to open-market stablecoins like Tether or USDC, which dominate in scale.
Key recent developments include the launch of USDCV, the MiCA-regulated e-money token status, ensuring compliance and legal protections not typical of some other stablecoins, custody of collateral by top-tier banks (Societe Generale for EURCV and BNY Mellon for USDCV), and integration efforts with European blockchain innovation and forthcoming MiCA regulations enforcement in 2026.
Jean-Marc Stenger, CEO of Societe Generale - FORGE, stated that the stablecoin will enable clients to leverage the benefits of an institutional-grade stablecoin. The stablecoins are intended to appeal to a broad market beyond traditional finance applications and will be listed on crypto exchanges and made available through various brokers and payment service providers.
However, it's important to note that the USDCV will not be available to US clients due to regulatory restrictions.
Sources: [1] Cointelegraph, "Societe Generale-FORGE to launch USD CoinVertible stablecoin on Ethereum and Solana," 2025. [2] Finextra, "Societe Generale-FORGE launches EUR CoinVertible stablecoin," 2023. [3] CoinDesk, "Societe Generale-FORGE's EUR CoinVertible stablecoin: A closer look," 2023. [4] European Commission, "MiCA: Markets in Crypto-assets," 2023.
- Societe Generale-FORGE, a notable Fintech company, is introducing the USD CoinVertible (USDCV), a stablecoin complying with Europe's MiCAR regulation, in early July, following the success of its EUR CoinVertible (EURCV) launch in April 2023.
- The EURCV and USDCV stablecoins are licensed as Electronic Money Institution by French authorities and are redeemable 1:1 for their respective currencies, operating on various blockchains such as Ethereum, Solana, Stellar, and XRP Ledger.
- Both stablecoins, unlike open-market alternatives like Tether or USDC, have a relatively limited circulation due to their institutional issuance and compliance-focused nature, with specific data for EURCV or USDCV tokens not publicly available as of now.
- Key developments include the launch of USDCV, the MiCA-regulated e-money token status, custody of collateral by top-tier banks (Societe Generale for EURCV and BNY Mellon for USDCV), integration with European blockchain innovation, and forthcoming MiCA regulations enforcement in 2026.
- The USDCV stablecoin will be listed on crypto exchanges and made available through various brokers and payment service providers, but it will not be accessible to US clients due to regulatory restrictions.
