Societe Generale’s crypto asset division, SG-FORGE, has announced the launch of a new stablecoin, USD CoinVertible (USDCV).
The asset will be available on the Ethereum and Solana networks. The Bank of New York Mellon (BNY) will act as the custodian of the reserves.
USD CoinVertible is SG-FORGE’s second stablecoin. In April 2023, the company released EUR CoinVertible (EURCV). In December, the fully backed euro asset was listed on the Bitstamp exchange.
The new stablecoin will allow clients to convert US dollars to USDCV and back around the clock for instant transactions. Trading of the token will commence in early July.
BNY will ensure the safekeeping of the reserves. The composition and valuation of the collateral assets will be published daily on the SG-FORGE website. The company has stated strict selection criteria for reserves, including a minimum credit rating and liquidity level.
USDCV and EURCV comply with the European MiCA regulation. The issuer is licensed by France’s Prudential Supervision and Resolution Authority. These instruments are not available to US citizens and residents.
Jean-Marc Stenger, head of SG-FORGE, noted that the stablecoin market continues to grow and is predominantly denominated in US dollars.
BNY added that fiat is undergoing a transformation, and stablecoins, with their round-the-clock availability, are a catalyst for these changes. They enhance operational efficiency and create new opportunities for corporations and investors.
In July 2023, Societe Generale, through SG-FORGE, obtained a digital asset service provider license from France’s Financial Markets Authority.
In May 2025, two companies, supported by Tether — StablR and Oobit — introduced MiCA-compliant stablecoins in Europe.