Societe Generale Launches USD-backed Stablecoin; Stablecoin Market Booms Amid Regulatory Shift

Societe Generale, a prominent French bank, has launched its own USD-pegged stablecoin, CoinVertible (USDCV), marking a major step into the regulated crypto space. This launch follows the successful debut of EUR CoinVertible in December 2023 and strengthens Societe Generale’s strategic shift towards digital assets. The stablecoin will be available on both Ethereum and Solana blockchains, with Bank of New York Mellon Corporation (BNY Mellon) as custodian. This development is significant for the global crypto market as it signals a growing trend in stablecoin adoption.