The French major bank Société Générale's subsidiary is set to issue a Dollar stablecoin based on Ethereum and Solana.

## Issuance of US Dollar stablecoin

On the 10th, SG-FORGE, a cryptocurrency subsidiary of the major French bank Société Générale, announced the issuance of the US Dollar stablecoin "USD CoinVertible (USDCV)."

The issuance on the public blockchains Ethereum (ETH) and Solana (SOL) is managed by the major financial services company BNY Mellon (BNY). It aims to comply with the European cryptocurrency regulation established by the MiCA law and to seamlessly connect the traditional and digital financial ecosystems.

SG-FORGE has already launched the euro stablecoin "EUR CoinVertible (EURCV)" in April 2023. USDCV is the second stablecoin, with trading expected to start in early July. SG-FORGE explained that it will list on various cryptocurrency exchanges.

USDCV and EURCV can of course be exchanged for fiat currency 24 hours a day. Customers can use stablecoins for a wide range of transactions such as cryptocurrency trading, international remittances, and on-chain payments. However, neither stablecoin can be used by people in the United States.

The importance of Dollar stablecoin

SG-FORGE's CEO Jean-Marc Stenger commented on the issuance of USDCV as follows.

As the adoption of stablecoins rapidly advances, launching a USD stablecoin following the EURCV compliant with the MiCA regulation is a natural step. The USD stablecoin is still widely used in the market.

Institutions, companies, and individual investors, our customers, will be able to benefit from institutional-level stablecoins with USDCV.

In addition, the comments of Carolyn Weinberg, who serves as the Chief Product and Innovation Officer at BNY, are as follows.

Our established history and deep expertise in traditional finance and digital assets are driving the future of financial systems in cash, investment management, custody, collateral, on-chain data, and payment.

The spot market is currently undergoing a major transformation. The stablecoins available 24/7 are facilitating this change.

Stablecoins have the potential to enhance economic resilience, improve efficiency, and create new opportunities for both businesses and investors.

What is custody

Refers to holding and managing assets on behalf of investors. This term is widely used for assets other than cryptocurrencies.

Currently, against the backdrop of the positive stance towards cryptocurrencies by the Trump administration in the U.S. and the listing of Circle, the company behind the issuance of USDC, there is a global acceleration in the movement to utilize stablecoins.

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