French financial heavyweight Société Générale has announced the introduction of a new stablecoin, set to operate on the Ethereum and Solana blockchain platforms.

Société Générale's SG Forge is pioneering in the stablecoin arena with the launch of USD CoinVertible (USDCV), catering to non-US markets and leveraging the technological strengths of both Ethereum and Solana platforms. This strategic move, enhanced by the custodial support of The Bank of New York Mellon Corporation, underscores a significant shift in how traditional financial institutions are integrating blockchain technology to reshape the global financial landscape.

Arjun Renapurkar

June 12, 2025

Société Générale's digital assets wing, SG Forge, has announced an expansion into the stablecoin market with USD CoinVertible (USDCV), aimed at non-US customers and built on both Ethereum and Solana platforms. This development, described in detail on Crypto Briefing, marks a significant step for one of the world's leading financial institutions into the burgeoning field of digital currency.

Stablecoins, designed to reduce the volatility common in cryptocurrencies by pegging their value to stable assets like the USD, are not just tools for investment. They facilitate smoother transactions across borders, offer an alternative to traditional banking systems, and now, with SG Forge's latest move, promise enhanced accessibility and integration for various market sectors, excluding the United States due to regulatory landscapes.

By choosing to run USDCV on both Ethereum and Solana, SG Forge is not just diversifying its operational base; it's making a calculated bet on the future of blockchain technology. Ethereum, with its widespread adoption and active development community, and Solana, known for its high throughput and low transaction costs, represent two of the leading platforms in blockchain. This dual-platform approach could set a precedent for future digital asset initiatives, offering a blend of reliability and performance.

The role of The Bank of New York Mellon Corporation as the reserve custodian for USDCV is particularly noteworthy. As a bridge between traditional financial institutions and the evolving digital asset space, BNY Mellon's involvement lends an added layer of credibility and security to SG Forge's stablecoin, addressing some of the trust issues that have historically plagued cryptocurrency ventures.

Moreover, the compliance with the European Markets in Crypto-assets (MiCA) regulation and the licensing as an Electronic Money Institution from France's Autorité de contrôle prudentiel et de résolution (ACPR) are critical. These regulatory frameworks not only ensure adherence to strict standards but also highlight the growing importance of regulatory acceptance for the global adoption of stablecoins and other digital assets.

This move by Société Générale through SG Forge reflects a larger trend in the financial sector, where traditional banks are increasingly adopting blockchain technology to stay relevant and competitive in a digitizing world. As discussed in a recent Radom post about BlackRock's cryptocurrency strategies, major financial players across the globe are making significant inroads into what was once considered a niche market.

SG Forge's foray into the stablecoin space with USDCV also casts light on the strategic importance of non-US markets in the global cryptocurrency narrative. With regulatory environments in the US still uncertain regarding cryptocurrencies, Europe and other regions could become the focal points for stablecoin adoption and innovation.

As we watch these developments unfold, it's clear that the integration of traditional banking with blockchain technology is not just inevitable but already well underway. SG Forge’s initiative is a clear indication of how serious traditional financial institutions are about carving out their space in the digital future.

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