SG Forge Launches First USD-Backed Stablecoin for Public Blockchain Use

Following the launch of EURCV, a euro-backed stablecoin in 2023, French banking giant Societe Generale’s subsidiary, SG Forge, is set to release a USD-pegged stablecoin. This marks the first time a traditional bank, including American institutions, will offer a stablecoin for public blockchain applications. While JPMorgan offers a dollar-pegged token internally, SG Forge’s upcoming stablecoin will operate on public blockchains initially focusing on Ethereum with plans to expand to Solana soon. This move positions SG Forge to compete in the $250 billion USD stablecoin market dominated by private players like Tether (USDT) and Circle (USDC).