Key Highlights:

• Societe Generale’s crypto division, SG Forge, is launching a dollar-backed stablecoin called USD CoinVertible (USDCV), utilizing the Ethereum and Solana blockchains.
• The token will begin trading in early July, with Bank of New York Mellon serving as the reserve custodian for the token.

SG Forge stated that it is the first global banking group to issue a public stablecoin pegged to the U.S. dollar. This move comes as banks face increasing pressure to engage in the mainstream adoption of fiat-pegged stablecoins.

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a U.S. dollar version was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially,” said Jean-Marc Stenger, CEO of SG Forge. (Translation: Launched a U.S. dollar version heavily influenced by market demand.)

The USDCV and its counterpart, the EUR CoinVertible, are set to facilitate various client activities, including crypto trading, foreign exchange transactions, and more. Notably, neither token is accessible to U.S. residents.