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France’s Societe Generale Enters USD Stablecoin Market With USDCV

Published by
Vignesh S G and Sohrab Khawas

SG Forge, the crypto division of French banking giant Societe Generale, is set to enter the dollar-backed stablecoin race with USD CoinVertible (USDCV). The launch comes on the heels of its successful MiCA-compliant euro stablecoin, EUR CoinVertible (EURCV).

USDCV Stablecoin to Launch on Ethereum and Solana

According to reports, USDCV will be deployed on both the Ethereum and Solana blockchains, offering fast and scalable transactions. While the exact launch date hasn’t been confirmed, insiders suggest an early July 2025 rollout.

SG Forge already operates EURCV, a euro-backed stablecoin with a market cap of $47.9 million and a circulating supply of over 41.8 million, according to CoinGecko.

Key Features and Institutional Backing

  • USD CoinVertible (USDCV) will support:
    • Crypto trading
    • Cross-border payments
    • On-chain settlements
    • Foreign exchange transactions
    • Collateral and cash management
  • The reserves behind USDCV will be custodied by Bank of New York Mellon, adding a layer of institutional trust.
  • USDCV is expected to follow MiCA regulatory standards, just like its euro-pegged counterpart. This aligns the project with the European Union’s push for legal clarity and consumer protection in crypto.

Stablecoin Market Landscape in 2025

The stablecoin market cap currently stands at $254.37 billion, with $49.13 billion in daily volume. The top five stablecoins by market cap are:

StablecoinMarket Cap
Tether (USDT)$155.22 Billion
USDC$60.96 Billion
USDS$7.20 Billion
Ethena (USDe)
Dai

The dominance of USD-pegged stablecoins highlights the competitive pressure SG Forge’s USDCV will face. However, its regulated framework, strong banking roots, and multi-chain presence could help it carve out a niche.

FAQs

What is SG Forge’s new USD stablecoin and when will it launch?

SG Forge, Societe Generale’s crypto division, is launching USD CoinVertible (USDCV), a dollar-backed stablecoin. It will be deployed on Ethereum and Solana, with trading expected to begin in early July 2025.

Which blockchains will SG Forge’s USDCV stablecoin be available on?

USDCV will be available on both the Ethereum and Solana blockchains, aiming to provide users with fast and scalable transactions for various crypto activities.

What are the main uses and institutional backing for USDCV?

USDCV will support crypto trading, cross-border payments, on-chain settlements, and foreign exchange transactions. Its reserves will be custodied by Bank of New York Mellon, adding institutional trust.

Vignesh S G and Sohrab Khawas

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

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