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