Overview

• Societe Generale’s crypto subsidiary SG-FORGE is issuing USD CoinVertible as its first dollar-pegged stablecoin offered on Ethereum and Solana blockchains.
• Bank of New York Mellon has been named reserve custodian to underpin the token’s one-to-one dollar backing and regulatory compliance.
• USD CoinVertible is engineered for institutional and corporate use cases including crypto trading, cross-border payments, foreign exchange transactions and collateral management.
• This launch follows SG-FORGE’s 2023 debut of a euro-based stablecoin that has seen limited circulation to date.
• The move places Societe Generale among traditional banks expanding into stablecoins in a market led by Tether’s $155 billion USDT offering.