Société Générale breaks ground with dual stablecoin strategy on Ethereum and Solana

Société Générale is looking to set a new benchmark in the digital finance world with the launch of a second MiCA-compliant stablecoin, this time pegged to the US dollar.

On Tuesday, the French banking titan’s crypto arm, SG-Forge, revealed the birth of USD CoinVertible (USDCV)—an Ethereum- and Solana-based digital asset designed to offer 24/7 fiat conversion.

This announcement indicates another strategic leap from Société Générale, coming shortly after the rollout of its euro-backed EUR CoinVertible (EURCV) on the Stellar blockchain. Both stablecoins are part of a broader initiative by the bank to lead the European charge in regulated digital assets.

Société Générale doubles down on mica-compliant stablecoins

Société Générale’s move is timely. The Markets in Crypto-Assets (MiCA) regulation came into effect in 2024, prompting a rapid shift among European institutions toward compliance-first crypto initiatives. Jean-Marc Stenger, CEO of SG-Forge, highlighted this trend, stating:

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Société Générale–FORGE as market adoption of stablecoins is growing exponentially.”

According to Stenger, the stablecoin ecosystem is primarily USD-denominated, making USDCV a necessary addition to meet global demand.

The dual-stablecoin model from Société Générale is engineered not just for crypto trading but also for high-volume use cases like cross-border payments, FX settlements, and collateral management.

In a show of operational rigor, Société Générale announced that The Bank of New York Mellon (BNY) would serve as the custodian for the fiat assets backing USDCV.

This key partnership ensures institutional-grade trust and compliance, both critical for adoption by corporates and retail investors alike.

USDCV is expected to go live for trading next month, providing clients with seamless fiat-to-stablecoin transitions. Société Générale noted that both stablecoins would be accessible via major crypto exchanges, brokers, and payment service providers.

Dominance in Europe’s regulated stablecoin market

A recent joint report from Bitvavo and Kaiko indicates that over 91% of the euro-based stablecoin market share in Europe is now held by MiCA-compliant tokens like EURCV.

This dominance underlines Société Générale’s success in anticipating and meeting regulatory demands.

Both USDCV and EURCV are excluded from the U.S. market, as they are not registered under the U.S. Securities Act. But for the European ecosystem, Société Générale is fast becoming the reference point for how regulated stablecoins should function.

Global Banks join the stablecoin race

Société Générale is not alone in this space. Analysts at Bernstein Research predict global stablecoin circulation could soar to $2.8 trillion by 2028. Other banking giants are already taking cues.

Earlier this year, Standard Chartered teamed up with Animoca Brands and HKT to launch a Hong Kong dollar-backed stablecoin. Meanwhile, Bank of America’s CEO hinted that the bank is open to issuing a dollar-tied stablecoin if legal frameworks are clarified.

The surge in activity indicates that stablecoins have moved from being a fringe DeFi instrument to a top priority for global banks.

As institutional players expand their crypto presence, Société Générale is clearly ahead of the pack. By being first to market with MiCA-compliant euro and dollar stablecoins, the bank is not just responding to regulation—it’s shaping the future of compliant crypto finance.

With its focus on transparency, regulatory alignment, and blockchain interoperability, Société Générale is positioning itself as the definitive bridge between traditional banking and the digital asset revolution.

In the coming months, all eyes will be on how Société Générale scales its stablecoin strategy and whether more global banks follow suit.

For now, it’s clear that with EURCV and USDCV, the French banking giant is rewriting the rulebook for digital currencies. The announcement arrives at a time when some major banks and fintechs have started different stablecoin initiatives.

Analysts at Bernstein Research forecast that global stablecoin circulation could grow to nearly $2.8 trillion by 2028, driven by broader adoption.