Société Générale-Forge, a leading French bank, has unveiled plans to launch a U.S. dollar-pegged stablecoin, USD CoinVertible (USDCV), through its crypto arm, SG Forge. Set to debut on the Ethereum and Solana blockchains, this initiative marks the first time a major European bank has issued a dollar-backed stablecoin on public blockchains.
SG Forge Debuts Stablecoin with Dual Launch
SG Forge’s USDCV, backed by BNY Mellon reserves, enhances liquidity and interoperability for trading, cross-border payments, and on-chain settlements. Complying with the EU’s MiCA regulations, it positions SG Forge as a leader in regulated digital assets. USDCV will begin trading in July 2025, offering 24/7 fiat-to-stablecoin conversions for global investors, excluding the U.S.
Ethereum and Solana were chosen for their strong DeFi infrastructures. The financial institution has expanded its EURCV issuance to include retail investors, promoting wider stablecoin access. In 2024, the bank also deployed EURCV on the XRP Ledger, reinforcing its multi-chain strategy for better adoption and scalability.
Financial Institutions Embrace Stablecoins
Société Générale-Forge is not alone in diversifying into stablecoin services. Inspired by Tether’s profitability, major banks like JPMorgan, with its JPM Coin, and Citi are exploring stablecoins to streamline transactions and compete with crypto firms.
In Europe, Deutsche Bank has ventured into Ethereum-based rollups and custody services, while BBVA in Spain offers bitcoin and ether trading.
The $250 billion stablecoin market has spurred institutions to integrate blockchain for faster, cost-effective settlements. The U.S. Senate’s advancement of the GENIUS Act in 2025 further signals a pro-growth regulatory environment, encouraging banks to innovate.
Partnerships like SG Forge’s collaboration with Bitpanda highlight the industry’s push to bridge traditional finance with digital assets, enhancing accessibility and trust. Société Générale’s launch of USDCV on Ethereum and Solana underscores the banking sector’s mounting interest in blockchain technology. By offering compliant, institutional-grade stablecoins, SG Forge is setting a precedent for financial institutions worldwide.
As banks diversify into digital assets, leveraging stablecoins for efficiency and global reach, the convergence of traditional finance and DeFi is reshaping the financial landscape, promising enhanced liquidity and innovation for investors.
