France’s Societe Generale Enters USD Stablecoin Market With USDCV

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SG Forge, the crypto division of French banking giant Societe Generale, is set to enter the dollar-backed stablecoin race with USD CoinVertible (USDCV). The launch comes on the heels of its successful MiCA-compliant euro stablecoin, EUR CoinVertible (EURCV).

USDCV Stablecoin to Launch on Ethereum and Solana

According to reports, USDCV will be deployed on both the Ethereum and Solana blockchains, offering fast and scalable transactions. While the exact launch date hasn’t been confirmed, insiders suggest an early July 2025 rollout.

SG Forge already operates EURCV, a euro-backed stablecoin with a market cap of $47.9 million and a circulating supply of over 41.8 million, according to CoinGecko.

Key Features and Institutional Backing

USD CoinVertible (USDCV) will support:

Crypto trading

Cross-border payments

On-chain settlements

Foreign exchange transactions

Collateral and cash management

The reserves behind USDCV will be custodied by Bank of New York Mellon, adding a layer of institutional trust.

USDCV is expected to follow MiCA regulatory standards, just like its euro-pegged counterpart. This aligns the project with the European Union’s push for legal clarity and consumer protection in crypto.

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Stablecoin Market Landscape in 2025

The stablecoin market cap currently stands at $254.37 billion, with $49.13 billion in daily volume. The top five stablecoins by market cap are:

StablecoinMarket CapTether (USDT)$155.22 BillionUSDC$60.96 BillionUSDS$7.20 BillionEthena (USDe)—Dai—

The dominance of USD-pegged stablecoins highlights the competitive pressure SG Forge’s USDCV will face. However, its regulated framework, strong banking roots, and multi-chain presence could help it carve out a niche.