Bullish Europe has become the first platform to launch the USDCV stablecoin from Société Générale-Forge, expanding the access to regulated digital assets in the EU.

According to an announcement on Tuesday, Bullish is the first trading platform regulated by the German Federal Financial Supervisory Authority (BaFin) and the Markets in Crypto-Assets Regulation (MiCA) to offer USD Coin Vertible (USDCV) trading to its clients.

This news follows an announcement in early June when the French financial services company Société Générale-Forge announced plans to launch the stablecoin with the U.S. financial services company BNY Mellon as the custodian.

This launch is also built on the company's introduction of the euro-pegged stablecoin EUR Coin Vertible (EURCV) for institutional clients in 2023. A representative from Société Générale-Forge stated in an interview with Cointelegraph that USDCV is designed to serve both retail and institutional markets for remittances, foreign exchange, payments, and value storage.

Both USDCV and EURCV qualify as EU electronic money tokens and can be freely transferred under the region's MiCA regulations. The representative mentioned that Société Générale-Forge has obtained an electronic money institution license from the French Prudential Supervision and Resolution Authority.

The U.S. has primarily dominated the stablecoin space, but Europe has ramped up its activities.

At the end of July, a new euro stablecoin project, EURAU, supported by Deutsche Bank's DWS, Flow Traders, and Mike Novogratz's Galaxy, was launched on the Ethereum blockchain. The same stablecoin received BaFin approval in early July.

Also in July, stablecoin issuer Paxos launched the Global Dollar (USDG) stablecoin in the EU. The issuer complies with MiCA regulations and is supervised by regulatory authorities in Finland and Singapore.

Earlier this year, ten stablecoin issuers received MiCA approval, but market leader Tether's USDt was not among them.

Despite regulatory progress, EU officials continue to warn about the risks associated with stablecoins, particularly those issued outside the region.

Last week, a senior official from the Bank of Italy warned that unless strictly limited, stablecoins issued by multiple entities in different countries pose significant risks to the EU financial system. European Central Bank (ECB) President Christine Lagarde also called on policymakers to address regulatory gaps in stablecoins earlier this month.

Lagarde pointed out stablecoins issued outside the "robust" MiCA framework. Her comments followed a warning from ECB advisor Jürgen Schaaf at the end of July about the threat U.S. stablecoins pose to the euro:

In mid-April, Italy's Minister of Economy and Finance warned that U.S. stablecoin policies pose a greater threat to the local economy than U.S. tariffs. Like Schaaf, he cautioned against underestimating the growing appeal of U.S. stablecoins to Europeans.

Related: Hong Kong's "Stablecoin Regulations" are trending, while multiple regions issue warnings against illegal fundraising! Avoid this pitfall.

Original text: “Société Générale partners with Bullish to launch MiCA-licensed USDCV stablecoin”

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