Société Général’s crypto arm, SG Forge, is reportedly preparing to launch a dollar stacked stablecoin in Ethereum, making it the first global banking group to issue a public stableecoin tied to the US dollar.

SG Forge’s dollar stableecoin would be publicly available at Ethereum, with additional support for Solana to follow. The launch is expected in the coming weeks, according to a report from the French publication The Big Whale.

The move would expand SG Forge’s footprint in the digital asset space after its debut in 2023 of its Euro StableCOin, EURCV.

The token would initially serve institutional investors and utilize SG Forge’s e-money license to operate legally throughout the European Union, according to the report.

The shift would come in the middle of accelerating stableecoin resumption. World Liberty Financial, the decentralized financial project supported by the family by US President Donald Trump, has launched his own dollar-denominated stablecoin, USD 1, which has been used to run MGX’s $ 2 billion investment in Binance.

Banks, according to Bitgo’s CEO of StableCecoin Ben Reynolds, is investigating stablecoins in an attempt to avoid being surpassed by cryptocurrency-native competitors. These financial institutions are needed to unlock the full potential in these tokens, said Paypal’s crypto head Jose Fernandez da Ponte at Consensus 2025 in Toronto.

SG Forge’s Euro-Ero-EroCoin, EURCV, currently has a market value of about $ 46.5 million, far back competitors, including Circle’s EURC token, whose market capital exceeds $ 237 million. Euro-denomined tokens represents a fraction of the $ 243 billion stablecoin market.

The US Dollar Stableecoins dominate the ecosystem, with Circle’s USDC, commanding a market capital of $ 60.6 billion, behind the market leader USDT, Tether’s flagship stablecoin with a market capital of $ 151.6 billion.

SG Forge refused to comment.