Societe Generale is preparing a new stablecoin on the Ethereum and Solana networks

SG Forge, the cryptocurrency-focused subsidiary of Société Générale, is preparing to launch a new dollar-denominated stablecoin, marking a deeper entry into the digital asset space by traditional European banks.

The token, called USD CoinVertible (USDCV), will debut on both the Ethereum and Solana blockchains and is expected to launch in early July. This is the company’s second major stablecoin initiative, following the previously launched EURCV, which is backed by euros.

To ensure transparency and regulatory stability, SG Forge has partnered with BNY Mellon to hold the reserves backing the token. The choice to include one of Wall Street’s most established names underscores Société Générale’s strategy to bridge the gap between conventional finance and blockchain-based instruments.

Jean-Marc Stenger, CEO of SG Forge, said that the demand for stablecoins continues to grow, particularly among institutions looking for secure and compliant ways to operate on the blockchain. He described the launch of USD CoinVertible as a "natural evolution” following the company’s success with the euro version. SG Forge said that stablecoins will serve multiple roles beyond basic commerce, from international payments and foreign exchange settlements to collateral management and blockchain-based operations.

The tokens are intended primarily for institutional use, but there is an important caveat that they will not be available to US citizens. By launching digital assets backed by euros and US dollars within a regulatory framework, Société Générale is signaling its long-term commitment to integrating traditional financial mechanisms with decentralised infrastructure. This is another step in the transformation of how banks interact with money in a tokenized world.