SocGen’s SG-Forge Unit Unveils USD Stablecoin (USDCV) on Ethereum, Solana Blockchains
SG Forge, the cryptocurrency division of French bank Société Générale, plans to introduce a dollar-backed stablecoin on the Ethereum and Solana blockchains, the bank said on Tuesday.
The USD CoinVertible (USDCV) will start trading in early July and involves Bank of New York Mellon acting as reserve custodian for the token.
As crypto rules coalesce around the globe, pressure is mounting on banks to take part in the integration of fiat-pegged stablecoins into mainstream finance (TradFi). SocGen, something of a stablecoin pioneer with its euro-backed EURCV token, says it is the first global banking group to issue a public stablecoin tied to the U.S. dollar.
The involvement of BNY Mellon enables seamless integration between traditional and…
