In a major move toward digital asset adoption in traditional finance, France-based banking giant Societe Generale has launched a new stablecoin pegged to the US dollar. Dubbed USD CoinVertible (USDCV), the stablecoin is aimed exclusively at institutional clients and will operate on both the Ethereum and Solana blockchains.

This launch follows the success of Societe Generale-FORGE’s euro-pegged stablecoin, EUR CoinVertible, and represents another significant step toward integrating blockchain technology into regulated financial services.

Designed for Institutional Use with Full MiCA Compliance

USDCV is being introduced through Societe Generale-FORGE, a fully regulated subsidiary of Societe Generale that specializes in digital assets. The new dollar-backed stablecoin has been designed specifically for institutional players—including banks, asset managers, and corporates—and is not available to retail investors or residents of the United States.

What sets USDCV apart from many existing stablecoins is its regulatory framework. The token complies fully with the European Union’s Markets in Crypto-Assets (MiCA) regulations, which are set to reshape how digital assets are issued and traded within the EU.

With MiCA compliance baked in, USDCV offers a secure and transparent solution for financial institutions looking to transact in digital dollars without compromising regulatory oversight or security.

Launch Timeline and Custodianship

According to Societe Generale, trading of USDCV will officially begin in July 2025. The Bank of New York Mellon will act as the custodian for the token’s reserves, ensuring high standards of asset management and security.

This custodianship agreement marks a significant collaboration between major financial institutions on both sides of the Atlantic, further legitimizing USDCV in the eyes of regulators and institutional users alike.

A Natural Evolution After EUR CoinVertible

The new stablecoin builds on the momentum generated by Societe Generale-FORGE’s EUR CoinVertible (EURCV), which launched in April 2023. EURCV was the first euro-pegged institutional stablecoin deployed on a public blockchain, and its success paved the way for a US dollar counterpart.

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step,” said Jean-Marc Stenger, CEO of Societe Generale-FORGE. “The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients—institutions, corporates, and even retail intermediaries—to leverage the benefits of an institutional-grade stablecoin.”

Transparency and Daily Collateral Updates

To reinforce trust in its stablecoin offering, Societe Generale-FORGE will provide daily public disclosures of the stablecoin’s reserves. These updates will be published via a dedicated collateral page, enabling stakeholders to monitor reserve composition and value in real-time.

This transparency commitment echoes rising demands among regulators and investors for full visibility into the backing of stablecoins. Unlike some competitors that have faced scrutiny over opaque reserve disclosures, USDCV will offer an open window into its operations from day one.

Ethereum and Solana Integration for Fast Settlement

USDCV will be available on both Ethereum and Solana, offering institutional clients the flexibility to use either network based on their transaction speed and cost preferences. Ethereum remains the leading blockchain for decentralized finance (DeFi), while Solana is known for its high throughput and low transaction fees.

By offering cross-chain compatibility, Societe Generale-FORGE aims to enhance USDCV’s utility and reach within the rapidly evolving digital finance landscape.

A Rising Tide of Stablecoin Adoption

The introduction of USDCV arrives at a time when stablecoins are rapidly gaining momentum across global markets. According to the U.S. Department of the Treasury, the stablecoin market could reach a total valuation of $2 trillion by 2028.

Societe Generale’s move also comes amid reports that major U.S. banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are exploring the idea of launching a joint stablecoin. While those discussions are still preliminary, the entry of top-tier institutions into the space points to the mainstream future of digital dollar transactions.

Asia has also emerged as a hotspot for stablecoin innovation and adoption, with countries like Singapore, Hong Kong, and Japan laying down regulatory frameworks to support growth in this segment.

The Institutional Advantage

Unlike consumer-focused stablecoins, which often face regulatory uncertainty or lack full transparency, USDCV is tailored to meet the operational and compliance standards demanded by institutional investors. With trusted partners like the Bank of New York Mellon and full MiCA alignment, the stablecoin offers a safer and more predictable option for enterprises entering the digital asset space.

By providing access to programmable money that settles in real time, reduces counterparty risks, and integrates easily into existing blockchain infrastructure, USDCV has the potential to become a core component in the financial strategies of modern institutions.

Conclusion

The launch of USD CoinVertible represents more than just another stablecoin hitting the market. It symbolizes a new chapter in the merging of traditional finance with blockchain technology. With regulatory compliance, high-grade custodianship, and real-time transparency, Societe Generale is laying the foundation for stablecoins that institutions can trust and scale with.

As the stablecoin market continues to evolve, the arrival of USDCV marks a major milestone in the journey toward a regulated, interoperable, and institutionally-driven digital financial system.