With Europe’s MiCA and Asia’s emerging bills, stablecoins are entering a new era of legitimacy, highlighting growing global momentum behind fiat-pegged digital assets
French banking heavyweight Societe Generale has announced plans to issue a U.S. dollar-pegged stablecoin on Ethereum and Solana, a move that would make it the first major European bank to pursue such an initiative.
The statement released today revealed the token’s name, USD CoinVertible (USDCV). It will be launched by Societe Generale’s cryptocurrency division, SG-Forge, and US financial institution BNY Mellon will act as custodian of the reserves.
The bank previously issued a euro-denominated stablecoin, EURCV, in April 2023. Both Societe Generale’s euro and planned dollar tokens are structured as Electronic-Money Tokens (EMTs) under the European Markets in Crypto-Assets (MiCA) framework.
SG-Forge says USD version is the “obvious next step” as BNY backs cross-border access
In the official statement, SG-Forge said USDCV would provide “instant 24/7 conversion” between fiat and digital currencies, enabling on-demand transactions in both USD and EUR.
The tokens are intended to support crypto trading, FX settlement, cross-border payments, and cash management for corporate, institutional, and retail clients.
“After the release of a MiCA-compliant EUR stablecoin, the launch of a US dollar version was the obvious next step,” said Jean-Marc Stenger, CEO of SG-Forge.
“The stablecoin market remains largely US dollar-denominated,” he added, noting the token’s institutional-grade features will benefit a broad client base.
According to the release, the stablecoins will be listed on multiple exchanges and supported by “several reputable market makers”.
Trading of USDCV is expected to begin in early July, although the tokens will not be available to U.S. persons.
Carolyn Weinberg, Chief Product and Innovation Officer at BNY Mellon, emphasized the broader shift underway: “Stablecoins with 24/7 capabilities are catalyzing much of this change.”
“They have the potential to enhance resiliency, drive operational efficiencies, and create new opportunities for corporates and investors alike,” she added.
Weinberg also mentioned that BNY’s dual role across traditional and digital finance was key to building trust in the evolving ecosystem.
Collateral details for USDCV will be publicly disclosed daily, and reserves will comply with strict eligibility requirements.
Stablecoin regulations gain traction as market tops $250 billion
The Societe Generale announcement comes amid a broader shift in how governments and banks are approaching digital money.
South Korea’s Digital Asset Basic Act, introduced today, aims to permit stablecoin issuance by local companies that meet capital and reserve requirements.
The bill would also establish a Presidential Digital Asset Committee and impose strict registration and reporting protocols through the Financial Services Commission.
The policy move has already triggered market optimism. Shares of KakaoPay Corp., a South Korean digital payment firm, surged as much as 18% following news of the bill.
This legislative push aligns with recent trends: the global stablecoin market surpassed $250 billion this month, led by dominant issuers like Tether (USDT) and Circle’s USDC, according to CoinGecko.
In the U.S., lawmakers are advancing the GENIUS Act, and Hong Kong announced the implementation of its Stablecoin Ordinance, which is set to enforce its own stablecoin regulation from August 2025.
