Société Générale launches US dollar stablecoin on Ethereum and Solana

Société Générale-Forge, the crypto arm of French financial services company Société Générale, has launched a new US dollar-pegged stablecoin.

According to a June 10 announcement, the stablecoin, dubbed USD CoinVertible (USDCV), will be issued on the Ethereum and Solana blockchains. US-based financial services firm Bank of New York Mellon will act as the custodian for the assets backing the stablecoin.

The announcement follows the firm’s April 2023 launch of its euro-pegged stablecoin EUR CoinVertible (EURCV) for institutional customers.

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US dollar version (USDCV) was the obvious next step for Société Générale–Forge as market adoption of stablecoins is growing exponentially,” said Jean-Marc Stenger, CEO of Société Générale-Forge.

USDCV aims to provide seamless access to the stablecoin market, offering 24/7 conversions between fiat currencies and digital dollars or euros. According to the company, this settlement will enable real-time settlement of transactions in both US dollars and euros.

Related: Tether USDT stablecoin seen on Bolivian store price tags

Stablecoins are a multi-purpose instrument

The company said both USDCV and EURCV are intended for a wide range of use cases, including crypto trading, cross-border payments, onchain settlement, foreign exchange transactions, and collateral and cash management.

The company added that the stablecoins will be listed on multiple cryptocurrency exchanges and made available to institutional, corporate and retail investors through brokers and payment service providers. USDCV trading is expected to start in July, but neither it nor EURCV will be available to US-based persons, the company said.

Related: Santander considers issuing stablecoin, retail crypto services

Stablecoins gain momentum globally

Stablecoins are making headway in global adoption as regulatory clarity improves. A recent report indicates that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025.

In South Korea, the government is moving forward with crypto legislation that could pave the way for domestic stablecoin issuance, a key campaign promise of President Lee Jae-myung.

In the US, upcoming stablecoin regulation is reportedly pushing major tech firms, such as Apple, X and Airbnb, to explore digital token integration. Elsewhere, recent photos of a Bolivian airport shop show prices set in Tether’s USDt (USDT) stablecoin, suggesting growing unofficial use after a local bank started providing USDT custody last year.

Ridesharing giant Uber is reportedly in the “study phase” of using stablecoins to help reduce the costs associated with international money transfers. Payment giant Stripe is also said to be holding early discussions with banks about potentially integrating stablecoins.

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