SG-FORGE Launches USD CoinVertible on Solana, Ethereum

- SG-FORGE launches USD CoinVertible (USDCV), a USD-pegged stablecoin; trading to commence in July. - USDCV to be issued on Ethereum and Solana, with BNY Mellon as custodian. On June 10, 2025, CoinDesk reported that Societe Generale's crypto arm, SG-FORGE, launched a USD-pegged stablecoin, USD CoinVertible (USDCV). Trading for USDCV is scheduled to commence in July. Also on June 10, Cointelegraph reported that USDCV is SG-FORGE’s second stablecoin; this follows the company's launch of its euro-pegged stablecoin, EUR CoinVertible (EURCV), in April 2023. PYMNTS.com and other sources similarly reported on June 10 that USDCV is SG-FORGE's second stablecoin offering. SG-FORGE announced on June 10 that it will issue USDCV on both the Ethereum and Solana public blockchains, and BNY Mellon will act as the custodian for the assets backing the stablecoin. Societe Generale-FORGE designed both USD CoinVertible and EUR CoinVertible to support a variety of client activities, including cryptocurrency trading, cross-border payments, on-chain settlement, foreign exchange transactions, and collateral and cash management. Various crypto brokers and payment service providers will offer these stablecoins to institutional, corporate, and retail investors; however, US persons will not be able to access them. SG-FORGE emphasized that both stablecoins fully comply with the European Union's Markets in Crypto-Assets (MiCA) regulation as Electronic Money Tokens (EMT). The French Autorité de contrôle prudentiel et de résolution (ACPR) licenses the company as an Electronic Money Institution (EMI), and the company will publicly disclose the collateral composition and valuation backing USDCV daily on the SG-FORGE website. On June 10, Jean-Marc Stenger, CEO of Societe Generale-FORGE, stated, "Launching a US dollar version was the obvious next step." He further noted that the stablecoin market remains predominantly US dollar denominated. SG-FORGE's launch of USDCV is a strategic move, as the company aims to gain a significant position in the competitive stablecoin market, which Tether (USDT) and Circle's USD Coin (USDC) currently lead. As of June 10, 23:57 UTC, Ethereum (ETH) was trading at $2,812.27, representing a 4.859% increase, while Solana (SOL) was trading at $165.00, with its 24-hour trading volume having increased by 2.377%.