SG Forge, the digital asset arm of French banking major Societe Generale, is preparing to launch its first U.S. dollar-backed stablecoin — USD CoinVertible (USDCV) — on Ethereum and Solana blockchains in July 2025. This strategic move marks the bank’s expansion into the $254 billion stablecoin market, targeting both institutional adoption and regulatory compliance under Europe’s MiCA framework.
USDCV to Support Institutional Crypto Use Cases
USDCV is designed to serve as a multi-functional digital asset for:
- Crypto trading
- Cross-border payments
- On-chain settlements
- Foreign exchange (FX) transactions
- Collateral and cash management
What makes USDCV stand out is its institutional-grade structure. The reserves will be safeguarded by Bank of New York Mellon, offering high levels of trust and transparency for institutional users. This level of backing is aimed at ensuring stability, security, and regulatory alignment in an increasingly competitive market.
Built on MiCA Success with EURCV
SG Forge already operates EUR CoinVertible (EURCV), a MiCA-compliant euro stablecoin with over €47.9 million in market cap and 41.8 million coins in circulation. The success of EURCV provides a strong foundation for launching USDCV, signaling confidence in regulated, institutional stablecoin adoption.
“USDCV will inherit MiCA compliance and the trust structure that made EURCV viable among European institutions,” said an SG Forge insider familiar with the rollout.
The launch on Ethereum and Solana also underscores SG Forge’s commitment to scalability, low fees, and fast settlement times — essential features for real-world financial use cases.
Stablecoin Market Outlook in 2025
As of June 2025, the global stablecoin market cap sits at approximately $254.37 billion, with daily trading volumes exceeding $49.13 billion. The space is dominated by leading players, but regulated and institutionally-backed options like USDCV are gaining momentum, especially within Europe’s regulated financial ecosystem.
The introduction of USDCV positions Societe Generale as a leading force among traditional banks entering DeFi and tokenized finance, bridging traditional banking infrastructure with blockchain technology.
Conclusion
With strong regulatory compliance, blockchain integration, and institutional-grade custody, USDCV aims to redefine stablecoin utility in traditional finance. Its launch could reshape how banks and institutions interact with crypto markets — with a focus on transparency, scalability, and cross-border efficiency.