Key Points
- Societe Generale will launch a dollar-backed stablecoin (USD CoinVertible) in July 2025.
- The stablecoin will be available on Ethereum and Solana, with BNY Mellon as the reserve custodian.
- It is the first major bank to enter the regulated USD stablecoin market under the European Union’s Markets in Crypto Assets (MiCA) framework.
- The coin targets corporate, institutional, and crypto exchange users for use in trading and payments.
Societe Generale (SocGen), one of France’s largest banks, announced plans to launch a dollar-pegged stablecoin named USD CoinVertible, marking a significant move as the first major global bank to enter the U.S. dollar stablecoin market. The digital asset will be publicly tradable beginning July 2025. It will be issued through its crypto subsidiary, SG-FORGE, on both the Ethereum and Solana blockchains.
Stablecoins are digital tokens that maintain a 1:1 value with a fiat currency, most commonly the U.S. dollar. They have gained immense popularity as a tool for quickly and efficiently transferring funds across blockchain networks without relying on traditional banking rails. Tether, the dominant player in this space, currently has over $155 billion worth of tokens in circulation.
SocGen previously launched a euro-based stablecoin in 2023, but its adoption remained limited, with under €42 million ($47.6 million) in circulation. The bank’s new USD stablecoin will be regulated under the EU’s MiCA framework, giving it a competitive edge over rivals like Tether, which currently lacks licensing under European regulations.
SG-FORGE’s CEO, Jean-Marc Stenger, stated that there is a high demand from corporations, financial institutions, and cryptocurrency exchanges for a regulated, reliable, dollar-based stablecoin. The bank aims to offer a safer and fully compliant alternative to existing offerings in a market where trust is critical.
BNY Mellon will act as the custodian for the dollar reserves backing USD CoinVertible. Initially, reserves will be held in cash, but SG-FORGE plans to invest in yield-bearing assets, such as government bonds, over time, following a model used by other stablecoin issuers.
The token will support various use cases, including crypto trading, cross-border payments, foreign exchange transactions, and cash management. SG-FORGE is already onboarding over 15 crypto exchanges and brokers as part of its rollout strategy.
Meanwhile, U.S. lawmakers are preparing regulatory frameworks for stablecoins, with banks like Bank of America eyeing similar moves.
