SG Forge, Cryptocurrency Division of French Bank Société Générale, plans to introduce a dollar stacked stablecoin at Ethereum and Solana Blockchains, the bank said on Tuesday.
The USD Coinvertible (USDCV) will start shopping in early July and involves the Bank of New York Mellon, which acts as a reserve manager for the token.
When crypto rules gather all over the globe, pressure is mounted on banks to participate in the integration of Fiat-Pegged StableCecoins in mainstream funding (Tradfi). Socgen, something of a stablecoin pioneer with its Euro-backed EURCV token, says it is the first global banking group to issue a public stableecoin tied to the US dollar.
Involvement of BNY Mellon enables trouble -free integration between traditional and digital economic ecosystems, SG Forge said in a press release.
“Following the release of a glitter-compatible EUR-stableCOin (EURCV), the launch of an US dollar version was the obvious next step for Societe General-Forge as the market’s adoption of stableecoins growing exponentially,” said SG Forge CEO Jean-Marc Stenger in the statement, referring to the EU market’s market market.
Stableecoins, digital tokens, whose value is linked to a real asset, is widely used for crypto trading and other applications. The market is dominated by Tether’s USDT with a market capital of about $ 155 billion, according to Coindesk data. USDC, issued by Circle (CRCL), is No. 2 with a market capital of $ 60 billion.
“The stablecoin market remains largely the US dollar that is denominated. This new currency will enable our customers, either institutions, businesses or retail investors, to take advantage of the benefits of an institutional quality stablecoin,” he said in a statement.
The USD Coinvertible and EUR Coinvertible are designed to support a wide range of client activities, the bank, including crypto trading and cross-border payments, settlement on chain, currency transactions and security and cash management.
Neither USD Coinvertible nor EUR Coinvertible are available to “American people,” SG Forge said.
