Société Générale-Forge, a crypto branch of the French financial services giant, has officially launched a new stablecoin referred to as USD CoinVertible (USDCV). Announced on June 10, this stablecoin will operate on the Ethereum and Solana blockchains, aiming to enhance access to the stablecoin market. BNY, a financial services firm based in the UK, will serve as the custodian for the assets that back USDCV.
This launch follows Société Générale-Forge's introduction of a euro-pegged stablecoin, EUR CoinVertible (EURCV), released in April 2023. Jean-Marc Stenger, CEO of Société Générale-Forge, stated, "After the release of a MiCA-compliant EUR stablecoin, the launch of a US Dollar version was the obvious next step as market adoption of stablecoins is growing exponentially." USDCV is designed to allow 24/7 conversions between fiat currencies and digital dollars or euros, enabling real-time transaction settlement.
Both USDCV and EURCV target a wide range of applications, including crypto trading, cross-border payments, on-chain settlements, foreign exchange transactions, and cash management. These stablecoins will be listed on various cryptocurrency exchanges for institutional, corporate, and retail investors through brokers and payment service providers. Although USDCV trading is expected to commence in July, it will be unavailable to individuals based in the U.S.
This launch follows Société Générale-Forge's introduction of a euro-pegged stablecoin, EUR CoinVertible (EURCV), released in April 2023. Jean-Marc Stenger, CEO of Société Générale-Forge, stated, "After the release of a MiCA-compliant EUR stablecoin, the launch of a US Dollar version was the obvious next step as market adoption of stablecoins is growing exponentially." USDCV is designed to allow 24/7 conversions between fiat currencies and digital dollars or euros, enabling real-time transaction settlement.
Both USDCV and EURCV target a wide range of applications, including crypto trading, cross-border payments, on-chain settlements, foreign exchange transactions, and cash management. These stablecoins will be listed on various cryptocurrency exchanges for institutional, corporate, and retail investors through brokers and payment service providers. Although USDCV trading is expected to commence in July, it will be unavailable to individuals based in the U.S.
