French banking giant Société Générale has announced plans to launch a US dollar-pegged stablecoin named USD CoinVertible (USDCV) on the Ethereum and Solana blockchains, potentially becoming the first major European bank to introduce such a product. The stablecoin will be issued through Société Générale's crypto subsidiary SG-Forge, with custody services provided by BNY Mellon in New York. USDCV follows SG-Forge's launch of the euro stablecoin EURCV in April this year. SG-Forge CEO Jean-Marc Stenger stated that launching a dollar-backed stablecoin is a natural next step, given the US dollar's dominance in the global stablecoin market. Both stablecoins comply with the European Markets in Crypto-Assets (MiCA) regulation and are issued as authorized Electronic Money Tokens (EMT). This release reflects the growing interest of traditional financial institutions in stablecoins. The stablecoin market surpassed 250 billion USD for the first time this month, primarily dominated by Tether (USDT) and Circle (USDC). Globally, regulatory progress continues, including legislative developments in the United States and South Korea.

French banking giant Societe Generale announced plans to launch a U.S. dollar-pegged stablecoin called USD CoinVertible (USDCV) on Ethereum and Solana, potentially becoming the first major European bank to do so.The USDCV coin will be issued through SG-Forge, Societe Generale’s crypto-focused subsidiary, with custody services provided by New York-based BNY Mellon, according to a statement released Tuesday. USDCV follows SG-Forge’s euro-denominated stablecoin EURCV, which debuted in April 2023.SG-Forge CEO Jean-Marc Stenger said that creating a dollar-backed product was an “obvious next step,” driven by the overwhelming dominance of U.S. dollars in the global stablecoin market.“The stablecoin market remains largely US dollar-denominated,” Stenger remarked. “This new currency will enable our clients, either institutions, corporates, or retail investors, to leverage the benefits of an institutional-grade stablecoin.”Both fiat-pegged crypto coins issued by SG-Forge comply with Europe’s Markets in Crypto-Assets (MiCA) regulations as authorized Electronic-Money Tokens (EMTs). MiCA, which went into effect in June 2023, provides a unified regulatory framework for digital assets across European jurisdictions.USDCV’s announcement aligns with growing interest from traditional financial institutions globally. A recent Wall Street Journal report noted major U.S. banks exploring a joint stablecoin venture. Stripe co-founder John Collison also said several banks were "very interested" in stablecoin integration.Meanwhile, the stablecoin market surpassed $250 billion for the first time earlier this month, led by Tether (USDT) and Circle (USDC), according to The Block’s data. Also, regulation has seen progress in the U.S. and worldwide. Policymakers in Washington have advanced the GENIUS Act despite controversy over President Donald Trump’s crypto ties. South Korean rulemakers also proposed a stablecoin licensing process in a new crypto bill.

Société Générale in France will issue the US Dollar-pegged stablecoin USDCV on Ethereum and Solana.