Societe Generale announced that it will become the world's first global banking group to issue a public stablecoin linked to the US Dollar.
Trading of this stablecoin "USD CoinVertible" is scheduled to begin in early July. USD CoinVertible and the EUR CoinVertible, which is linked to the Euro, are not available to U.S. residents.
SG Forge, the cryptoassets division of the major French bank Société Générale, announced on June 10 that it will introduce Dollar-denominated stablecoins on the Ethereum and Solana blockchains.
This stablecoin "USD CoinVertible (USDCV)" will begin trading in early July, with the Bank of New York Mellon serving as the custodian for the token reserves.
As crypto regulations are put in place around the world, banks are under pressure to integrate fiat-pegged stablecoins into traditional finance (TradFi). Société Générale, a stablecoin pioneer with EUR CoinVertible, which is backed by the euro, said in an announcement that it will be the first global banking group to issue a public stablecoin pegged to the U.S. dollar.
According to SG Forge, the participation of BNY Mellon Bank will enable seamless integration between traditional financial systems and digital financial systems.
"Following the issuance of EURCV, a euro-denominated stablecoin compliant with MiCA, it was a natural step for SG Forge to issue a US Dollar version as the market adoption of stablecoins expands exponentially," said SG Forge CEO Jean-Marc Stenger in a statement, referring to the European Union's cryptoassets market regulation (MiCA).
Stablecoins are digital tokens whose value is linked to real-world assets and are widely used in cryptoasset trading and other applications. According to CoinDesk data, this market is dominated by Tether's USDT, which has a market capitalization of approximately 155 billion Dollar (about 22 trillion 475 billion yen, based on an exchange rate of 1 Dollar = 145 yen), followed by USDC issued by Circle at 60 billion Dollar (about 8 trillion 700 billion yen).
"The stablecoin market is still primarily denominated in US Dollars. This new currency enables our clients, including institutional investors, corporations, and individual investors, to take advantage of the benefits of institutional-grade stablecoins," he stated in a statement.
USD CoinVertible and EUR CoinVertible are designed to support a wide range of customer activities such as cryptoasset trading, cross-border payments, on-chain payments, foreign exchange transactions, collateral management, and cash management, the company explains.
SG Forge stated that USD CoinVertible and EUR CoinVertible are not available to "Americans".
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Société Générale's cryptoassets division announces a Dollar-denominated stablecoin based on Ethereum and Solana | CoinDesk JAPAN
SG Forge, the cryptoassets division of the major French bank Société Générale, announced on June 10 that it will introduce Dollar-denominated stablecoins on the Ethereum and Solana blockchains.
This stablecoin "USD CoinVertible (USDCV)" will begin trading in early July, with the Bank of New York Mellon serving as the custodian for the token reserves.
As crypto regulations are put in place around the world, banks are under pressure to integrate fiat-pegged stablecoins into traditional finance (TradFi). Société Générale, a stablecoin pioneer with EUR CoinVertible, which is backed by the euro, said in an announcement that it will be the first global banking group to issue a public stablecoin pegged to the U.S. dollar.
According to SG Forge, the participation of BNY Mellon Bank will enable seamless integration between traditional financial systems and digital financial systems.
"Following the issuance of EURCV, a euro-denominated stablecoin compliant with MiCA, it was a natural step for SG Forge to issue a US Dollar version as the market adoption of stablecoins expands exponentially," said SG Forge CEO Jean-Marc Stenger in a statement, referring to the European Union's cryptoassets market regulation (MiCA).
Stablecoins are digital tokens whose value is linked to real-world assets and are widely used in cryptoasset trading and other applications. According to CoinDesk data, this market is dominated by Tether's USDT, which has a market capitalization of approximately 155 billion Dollar (about 22 trillion 475 billion yen, based on an exchange rate of 1 Dollar = 145 yen), followed by USDC issued by Circle at 60 billion Dollar (about 8 trillion 700 billion yen).
"The stablecoin market is still primarily denominated in US Dollars. This new currency enables our clients, including institutional investors, corporations, and individual investors, to take advantage of the benefits of institutional-grade stablecoins," he stated in a statement.
USD CoinVertible and EUR CoinVertible are designed to support a wide range of customer activities such as cryptoasset trading, cross-border payments, on-chain payments, foreign exchange transactions, collateral management, and cash management, the company explains.
SG Forge stated that USD CoinVertible and EUR CoinVertible are not available to "Americans".