SocGen FORGE breaks ground: first major bank subsidiary launches public blockchain stablecoin

Societe Generale's subsidiary, SocGen FORGE, has made a pioneering move by launching the USD CoinVertible (USDCV), a US dollar stablecoin on public blockchains Ethereum and Solana. This initiative marks the first time a major bank subsidiary has issued a public blockchain stablecoin, signaling a significant step in institutional digital asset adoption.

The stablecoin is backed by reserves held by Bank of New York Mellon (BNY), ensuring institutional-grade custody and security. This partnership underscores the growing collaboration between traditional financial institutions and blockchain technology.

"The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin," said Jean-Marc Stenger, CEO of Societe Generale – FORGE.

The USDCV stablecoin offers 24/7 access to digital currency on permissionless networks, catering to a broad range of clients including institutions and retail investors. By deploying on both Ethereum and Solana, SocGen FORGE aims to provide flexibility and scalability in digital asset transactions.

This launch reflects the increasing institutional interest in blockchain-based financial products and the evolving landscape of digital currencies, positioning SocGen FORGE at the forefront of innovation in banking and finance.

Key stats:
- Stablecoin backed by BNY Mellon custody
- Deployed on Ethereum and Solana blockchains
- First public blockchain stablecoin by a global systemically important bank subsidiary
- Targets institutions, corporates, and retail investors

This development could accelerate the integration of blockchain technology into mainstream finance, offering enhanced liquidity and operational efficiency.

SocGen FORGE, a subsidiary of Societe Generale, has launched the USD CoinVertible (USDCV), a US dollar stablecoin on Ethereum and Solana blockchains, with BNY Mellon as reserve custodian, marking the first major bank subsidiary to issue a public blockchain stablecoin for institutional use.