Societe Generale To Launch USD Stablecoin On Major Blockchains

Societe Generale, one of Europe’s largest and most established financial institutions, has taken a major step into digital assets. The bank has announced the upcoming launch of USD CoinVertible (USDCV), a U.S. dollar-pegged stablecoin. This new stablecoin will be available on both the Solana and Ethereum networks . This move positions Societe Generale as the first major European bank to issue a dollar-backed stablecoin on public blockchains. Societe Generale Builds on Previous Stablecoin Success According to the announcement, USDCV will be issued through SG-Forge, Societe Generale’s digital asset division specializing in blockchain-based financial solutions. SG-Forge also works with BNY Mellon, a New York-based financial services company, which will handle custody services for USDCV. This new dollar-based stablecoin follows the launch of EUR CoinVertible (EURCV), a pegged stablecoin introduced by SG-Forge in April 2023. With that product already in place, creating a dollar equivalent became the next logical move for the bank. The U.S. dollar continues to dominate global financial markets and is the main currency in the stablecoin sector. As revealed, the goal of launching USDCV is to offer institutional-grade digital money that a wide range of clients can use. USDCV To Comply With European Crypto Rules Like EURCV stablecoins, USDCV is well-regulated. These stablecoins follow strict guidelines under the Markets in Crypto-Assets (MiCA) regulations, which European officials signed into law in 2023 . These regulations were designed to help establish clear and fair rules for digital money. Additionally, USDCV will be a type of digital money called an Electronic Money Token (EMT), which is regulated under MiCA. By following these rules, Societe Generale shows it is serious about safety and trust, making its coins more reliable than many others in the market. Growing Global Interest Toward Stablecoins More people around the world are becoming interested in stablecoins. This news from Societe Generale comes as many banks and companies are looking into stablecoins. Reportedly, some big U.S. banks are working together on new stablecoin plans. Also, Stripe is talking to global banks about using stablecoins in its service. This move shows that banks and companies do not want to fall behind, as the stablecoin market is growing fast. Earlier this month, the total value of stablecoins reached over 250 billion dollars. The market is still led by two large stablecoins, which are Tether’s USDT and Circle’s USDC. Many say the entry of regulated institutions like Société Generale may change the landscape. Governments and lawmakers are also paying closer attention. In the United States, a bill called the GENIUS Act is moving forward, even though it has sparked debate. In South Korea, lawmakers have suggested a new system requiring licenses for stablecoin issuers. The post Societe Generale To Launch USD Stablecoin On Major Blockchains appeared first on TheCoinrise.com .

Source: The Coin Rise