Societe Generale-FORGE (SG-FORGE), the crypto asset-focused subsidiary of Societe Generale Group, is set to launch a new stablecoin on Ethereum and Solana. Known as USD Coinvertible (USDCV), the digital asset is SG-FORGE’s second stablecoin offering, following EUR Coinvertible (EURCV), which debuted in April 2023.
A key aspect of this launch is a partnership with The Bank of New York Mellon Corp. (BNY Mellon), a global financial services firm that will serve as the reserve custodian for USDCV. According to a statement, the stablecoin is designed to provide investors with broad access to stablecoin markets and enable instant, 24/7 conversion between fiat currencies and stablecoins.
USD Coinvertible and EUR Coinvertible are built to support crypto trading, cross-border payments, foreign exchange transactions, onchain settlement, and cash management. They will be listed on multiple exchanges and made accessible to institutional, corporate, and retail investors through brokers and payment providers. Liquidity will be provided by reputable market makers, with USDCV trading set to begin in early July.
Jean-Marc Stenger, CEO of SG-FORGE, underscored the strategic importance of the launch:
“After the release of a MiCA-compliant EUR stablecoin (EURCV), launching a U.S. dollar version (USDCV) was the obvious next step for Societe Generale-FORGE, as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely U.S. dollar-denominated. This new currency will enable our clients—institutions, corporations, and retail investors—to leverage the benefits of an institutional-grade stablecoin.”
To reassure users and regulators, SG-FORGE will publicly disclose the collateral composition and valuation backing USDCV daily on its website. The asset will adhere to stringent eligibility criteria for minimum rating and liquidity. Under the Eurozone Markets in Crypto-Assets (MiCA) regulations, USDCV will be classified as an electronic money token (EMT). SG-FORGE is licensed as an Electronic Money Institution (EMI) by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Meanwhile, Carolyn Weinberg, chief product and innovation officer at BNY Mellon, emphasized the likely impact of launching these stablecoins:
“We are excited to advance the stablecoin market as the trusted infrastructure for the growing and dynamic digital asset economy… The cash market is undergoing a massive transformation, and stablecoins with 24/7 capabilities are catalyzing much of this change,” Weinberg stated.
According to Weinberg, the stablecoins have the potential to enhance resiliency, drive operational efficiencies, and create new opportunities for both corporations and investors.
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