Societe Generale launches USD stablecoin USDCV on Ethereum and Solana, USDCV trading is expected to start in July

PANews reported on June 10 that Société Générale-Forge, a crypto subsidiary of Societe Generale, announced the launch of the USD CoinVertible (USDCV), the stablecoin to be issued on the Ethereum and Solana blockchains. British financial services company BNY will serve as the asset custodian of USDCV. It is reported that the company had previously launched the euro stablecoin EUR CoinVertible (EURCV) in April 2023. The launch of the US dollar version is intended to meet the rapidly growing stablecoin market demand.

USDCV will support 24/7 instant conversion between fiat currency and digital US dollar or euro, and enable real-time settlement of US dollar and euro transactions. The stablecoin is suitable for a variety of scenarios, including crypto trading, cross-border payments, on-chain settlement, forex trading, as well as collateral and cash management.

In addition, USDCV and EURCV are planned to be online on several cryptocurrency exchanges and are open to institutional, corporate and retail investors through brokers and payment service providers. USDCV trading is expected to start in July, but neither stablecoins will be open to U.S. users.

Previous news, people familiar with the matter said: Societe Generale will launch the world's first dollar stablecoin issued by a bank on Ethereum.

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