SG Forge, the cryptocurrency arm of French bank Société Generale, is planning to introduce dollar-backed stubcoins to the Ethereum and Solana blockchains, the bank said Tuesday.
USD Coinvertible (USDCV) will begin trading in early July and will involve New York Melon Bank, which acts as a reserve manager for tokens.
The coalescence of crypto rules around the world puts pressure on banks. Socgen, like the pioneer of Stablecoin with Euro-backed Eurcv tokens, says this is the first global banking group to issue public Stablecoins associated with the US dollar.
The involvement of BNY Mellon will enable seamless integration between traditional and digital financial ecosystems, SG Forge said in a press release.
“After the release of MICA-compliant Eur Stablecoin (EURCV), SG Forge CEO Jean-Marc Stenger said in a statement referenced to the European Union for Crypto Assets regulations, SG Forge CEO Jean-Marc Stenger said in a statement that the launch of the US dollar version was the clear next step for Societe Generale-Forge.
Stablecoins, digital tokens whose value is fixed to actual assets, are widely used in crypto transactions and other applications. According to Coindesk data, the market is dominated by Tether’s USDT, with a market capitalization of around $155 billion. USDC issued by Circle (CRCL) is second in the market capitalization, with a market capitalization of $60 billion.
“The Stablecoin market is primarily being eliminated. This new currency will allow clients, either facilities, businesses or retail investors to take advantage of facility-grade Stablecoin,” he said in a statement.
Coinvertible and EUR Coinvertible are designed to support a wide range of client activities, including crypto and cross-border payments, settlements, forex trading, collateral and cash management, the bank says.
According to SG Forge, “US people” are unable to use either USD Coinvertible or Eur Coinvertible.
