French Bank Société Générale presents its new dollar stable in Ethereum and Solana

By Hannah Pérez

The giant European Bank confirmed the reports and officially presented USDCV, its new stablecoin linked to the US dollar, in mica compliance, available for customers in the EU.

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• French giant confirms the launch of its new USDCV stable, linked to the US dollar.
• This will be the second Stablecoin of Société Générale after the bank issued EURCV in 2023.
• His new token will be based on Ethereum and Solana, with support of Bank of New York Mellon.

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The French financial giant I société générale He confirmed that he is launching a new stablecoins linked to the United States dollar.

A few weeks ago, we reported that the European Bank was working to broadcast its second Stablecointhis time with parity in the US dollar, which would convert a I société générale In the first banking group worldwide to issue a Token of that type linked to the official currency of the United States.

The initiative will be led by SG forgethe subsidiary of Banco Digital Assets, which will issue the Baptized Token Coinvertible USD (USDCV) on networks Blockchain of Ethereum and Solariumas the entity revealed in a statement on Tuesday.

This will be the second raid of the bank in the stablcoins. I société générale introduced in 2023 a stable currency linked to the euro, EUR coinvertible (EURCV), which was also built in Ethereum. At that time, the entity promoted the project the first institutional asset with fiduciary parity deployed by a high profile bank in a public block chain.

USDCV is the next logical step

After surprising the sector two years ago with EURCV, the European bank now bets again on a historical innovation.

The SG-Forge CEO, Jean-Marc Stenger, said that creating a product backed by dollars was an next “obvious” step, driven by the overwhelming domain of US dollars in the global stable currency market.

“After the launch of a stable EUR currency compatible with Mica, the launch of a US dollars version was the next obvious step for Societe Generale -Forge since the adoption of the Stablocoins market is growing exponentially“, said.

Both tokens with fiduciary parity issued by the bank comply with the regulations of European cryptoactive (MICA) markets as authorized electronic money tokens (EMT). Mica, which entered into force in June 2023, provides a unified regulatory framework for digital assets in all European jurisdictions.

According to the statement, it is expected that USDCV begins to quote in early July and involve Bank of New York Mellon acting as a reserve custodian for Token. As well as EURCV, it will not be available for users in the United States.

The decision of Société Générale, One of the largest financial institutions throughout Europe, confirms the trend between the main financial and banking institutions of the world to integrate with the new class of assets, especially the Stablecoins.

Banks move towards the stablecoins

Once a niche within the cryptocurrency market, the Stablecoins – whose value is linked to traditional assets such as fiduciary currencies -, they have transformed the global financial ecosystem in recent years due to their ability to facilitate international payments with low commissions, rapid transfers and provide new investment and savings opportunities.

The market of Stablecoins It has grown up to an assessment of USD $ 250 billion currently, with USDT tokens of Tetherand USDC of Circledominating joints with a joint market capitalization greater than USD $ 212,000 million.

Tokens called euros represent a fraction of this market, with the stablecoins called the dollar having the greatest participation. EURCV, currently has a market capitalization of around USD $ 47.7 million, far behind competitors, including the EURC of Circlewhose market capitalization exceeds USD $ 200 million.

“The Stablecoin market is still largely called in US dollars“Stenger said about it. “This new currency will allow our clients, whether institutional institutions, corporations, corporations or investors”

A few weeks ago, we reported that some of Wall Street’s largest banks are contemplating to launch a Stablecoin joint as regulations in the United States become favorable with the administration of Donald Trump.

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Hannah Estefanía Pérez / Diariobitcoin

Image of Chiara Guercio via Unspash

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