Societe Generale Embarks on Stablecoin Journey with U.S. Dollar Issuance

Major European bank, Societe Generale, is poised to become a pioneer in the stablecoin market with its upcoming launch of a U.S. dollar-backed digital asset. This move marks them as potentially the first major European financial institution to develop such a product. The stablecoin, dubbed USDCV, will be issued via SG-Forge, the bank’s subsidiary specializing in cryptocurrencies, while custody arrangements are entrusted to BNY Mellon, a leading financial services company based in New York.