Societe Generale-FORGE, the crypto arm of the French banking giant, is set to launch a new stablecoin called USD CoinVertible (USDCV) on the Ethereum and Solana blockchains. This marks the second stablecoin release from the company, following the successful launch of EUR CoinVertible (EURCV) in 2023.
According to Jean-Marc Stenger, CEO of Societe Generale-FORGE, the decision to launch a USD stablecoin was a strategic move in response to the growing demand for stablecoins in the market. Stenger stated, “The stablecoin market is predominantly US dollar-denominated, and the launch of USDCV will allow our clients to benefit from an institutional-grade stablecoin for various financial activities.”
The Bank of New York Mellon Corporation (BNY) has been chosen as the reserve custodian for USDCV, facilitating seamless integration between traditional and digital financial systems. Societe Generale-FORGE envisions multiple use cases for the stablecoin, including crypto trading, cross-border payments, on-chain settlement, foreign exchange transactions, and cash management.
The official launch of USDCV is scheduled for next month, with plans to list the stablecoin on various cryptocurrency exchanges. However, it is important to note that US residents will not have access to these stablecoins at this time.
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As the crypto industry continues to evolve, initiatives like the launch of USDCV demonstrate the growing interest in stablecoins and their potential to revolutionize traditional financial practices. With Societe Generale-FORGE at the forefront of innovation, the future looks promising for the integration of digital assets into mainstream financial systems.