French banking giant Societe Generale is set to launch a US dollar-backed stablecoin through its cryptocurrency subsidiary, SG-FORGE, marking the first major European bank to enter the fast-growing stablecoin market with a dollar-pegged digital asset, according to a 10 June Reuters report.
The new stablecoin, named "USD CoinVertible," will be available on the Ethereum and Solana blockchains and is slated for public trading starting in July, SG-FORGE announced on Tuesday.
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BNY Mellon will serve as the custodian for its reserve assets.
This move follows SG-FORGE’s 2023 launch of a euro-denominated stablecoin, which has seen limited adoption, with only €41.8 million ($47.62 million) in circulation, according to its website.