Societe Generale launches USD fixed StableCoin USD common animal (USDCV)
Jun 11, 2025 pm 05:36 PMThrough its cryptocurrency subsidiary, Societe Generale-Forge (SG-Forge), Societe Generale has announced the launch of a new dollar-anchored stablecoin named USD Colvertible (USDCV).
The French bank is using the newly launched stablecoin to enter the fast-growing stablecoin space. This marks the first time that major European financial institutions have entered the stablecoin market.
The digital asset is issued by SG-Forge and will be launched on two public chains, Ethereum and Solana.
The stablecoin, called USDCV, is classified as an electronic currency token (EMT) under the EU Crypto Assets Market Regulation (MICA). SG-Forge has been approved by the French Office of Prudential Regulation and Resolution (ACPR) to operate as an electronic currency institution.
BNY Mellon will serve as the main custodian of USDCV, overseeing the custody and management of stablecoin mortgage assets. These collaterals will be composed of high-liquidity, high-quality assets, and their value and composition will be disclosed daily on the SG-Forge official website.
USDCV is expected to open transactions to the public by July 2025. It should be noted that the token will not be sold to US residents, and all sales will comply with the requirements of relevant laws and regulations.
In addition, several market makers will also provide liquidity support in the early stages of USDCV launch, which is crucial to promoting widespread adoption by users.
USDCV is designed to serve a variety of groups including institutional investors, corporate customers and retail users. It will be applicable to multiple financial scenarios such as digital asset trading, international remittances, on-chain clearing, foreign exchange operations, and cash and collateral management.
This article is generated by AI technology provided by DeepNewz and edited and compiled by Defiant. For more details and sources, please visit the official website of DeepNewz.
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