PANews reported on June 10 that Société Générale-Forge, a crypto subsidiary of Société Générale-Forge, announced the launch of USD CoinVertible (USDCV), a stablecoin that will be issued on Ethereum and Solana blockchains. British financial services company BNY will serve as the asset custodian of USDCV. It is reported that the company has previously launched the euro stablecoin EUR CoinVertible (EURCV) in April 2023. The launch of the US dollar version is aimed at meeting the rapidly growing stablecoin market demand.

USDCV will support 24/7 instant conversion between fiat currency and digital dollars or euros, and achieve real-time settlement of USD and EUR transactions. The stablecoin is suitable for a variety of scenarios, including crypto trading, cross-border payments, on-chain settlement, foreign exchange trading, and collateral and cash management.

In addition, USDCV and EURCV plan to be listed on multiple cryptocurrency exchanges and open to institutional, corporate and retail investors through brokers and payment service providers. USDCV trading is expected to start in July, but neither stablecoin will be open to US users.

Earlier news, people familiar with the matter said: Societe Generale will launch the world's first bank-issued US dollar stablecoin on Ethereum .