The French bank Société Générale, through its cryptocurrency subsidiary SG Forge, is preparing to launch a new stablecoin, USD CoinVertible (USDCV). This digital asset, pegged to the US dollar, will operate simultaneously on the Ethereum and Solana blockchains, with its launch scheduled for early July 2025.
This is reported by Бізнес • Медіа
Features of the new stablecoin
The Bank of New York Mellon will act as the custodian of reserves to back USDCV. The new stablecoin is being developed as a tool to deepen the integration of digital assets into the traditional financial system. It is important to note that the token will not be available to users in the United States.
Following the launch of the euro-pegged stablecoin, the issuance of USDCV is a logical step given the rapid growth in market demand for “stablecoins.”
For Société Générale, this is not its first experience in creating stablecoins. The bank previously successfully issued the EURCV token, which fully complies with the European MiCA regulation on crypto assets.
Functionality and Applications
The stablecoins from Société Générale are designed to support a wide range of financial operations, including:
- Cryptocurrency trading
- Cross-border payments
- Blockchain settlements
- Foreign exchange transactions
- Collateral management
- Liquidity management
The launch of USDCV demonstrates the growing interest of traditional financial institutions in the cryptocurrency sector and their desire to create innovative solutions for digital payments.