French bank Societe Generale will issue a stablecoin pegged to the US dollar through its cryptocurrency subsidiary SG-Forge.
The cryptocurrency, called USD CoinVertible, will run on the Ethereum and Solana blockchains. The coin is expected to be available for public trading as early as July. BNY Mellon will hold reserves for the new cryptocurrency.
SocGen’s cryptocurrency division already launched a stablecoin pegged to the euro in 2023. However, it has not gained widespread use: according to the company’s website, there are only 41.8 million euros ($47.62 million) worth of tokens in circulation.
Stablecoins are a type of cryptocurrency pegged to a traditional currency, usually the dollar. They allow people to transfer large amounts of money without using banking systems.
In recent years, stablecoins have become very popular thanks to Tether, which has issued tokens worth $155 billion. Tether is the largest issuer of stablecoins. SG-FORGE plans to use its cryptocurrency for cryptocurrency trading, cross-border payments, currency transactions, and collateral and cash management. In addition, it will be listed on various cryptocurrency exchanges. The launch of USD CoinVertible is expected in July 2025.
