French bank Société Générale to introduce dollar-pegged stablecoin

June 10, 2025 02:25 AM PDT | By EODHD

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French bank Société Générale to introduce dollar-pegged stablecoin — Image source: Kalkine Media

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[Societe Generale Headquarter entrance in La Defense] AdrianHancu French finance giant Société Générale (OTCPK:SCGLF [https://seekingalpha.com/symbol/SCGLF]) through its crypto subsidiary SG-FORGE will launch a U.S. dollar-pegged stablecoin called 'USD CoinVertible' (USDCV), making it as the first major European bank to introduce a dollar-backed cryptocurrency in the stablecoin market. "USD CoinVertible and EUR CoinVertible are designed to support a wide range of client activities, including crypto trading and cross-border payments, on-chain settlement, foreign exchange transactions, and collateral and cash management." the subsidiary said [https://www.sgforge.com/usd-stablecoin-bny-custodian/]. USDCV will be available to institutional, corporate, and retail clients (excluding U.S. persons) via multiple cryptocurrency exchanges, brokers, and payment providers.

Public trading is expected to begin in early July 2025. The launch follows SG-FORGE’s earlier introduction of a euro-pegged stablecoin, EUR CoinVertible (EURCV), in April 2023. MORE ON SOCIÉTÉ GÉNÉRALE * Societe Generale: 100%+ RoR Since 2023 Leads To Rating Downgrade [https://seekingalpha.com/article/4792485-societe-generale-100-percent-plus-ror-since-2023-leads-to-rating-downgrade] * Société Générale Société anonyme (SCGLY) Q1 2025 Earnings Call Transcript [https://seekingalpha.com/article/4780304-societe-generale-societe-anonyme-scgly-q1-2025-earnings-call-transcript] * ECB ramps up focus on banks' exposure to private markets - report [https://seekingalpha.com/news/4453936-ecb-ramps-up-focus-on-banks-exposure-to-private-markets---report] * Société Générale Société anonyme reports Q1 results [https://seekingalpha.com/news/4437572-societe-generale-societe-anonyme-reports-q1-results] * Seeking Alpha’s Quant Rating on Société Générale Société anonyme [https://seekingalpha.com/symbol/SCGLY/ratings/quant-ratings]

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