Société Générale-Forge Debuts USD-Pegged Stablecoin on Ethereum and Solana

The stablecoin, named USD CoinVertible (USDCV), will be issued on both Ethereum and Solana blockchains.

According to the June 10 announcement , Bank of New York Mellon, one of the oldest and most respected financial institutions in the United States, will serve as the custodian of the reserves backing the token. This launch builds on SG-Forge’s previous move in April 2023, when it introduced a euro-denominated stablecoin, EUR CoinVertible (EURCV), for institutional clients.

The firm states that both USDCV and EURCV aim to facilitate real-time transaction settlements and seamless 24/7 conversions between fiat currencies and digital assets . Use cases for the stablecoins span crypto trading, cross-border payments, foreign exchange, onchain settlements, and treasury management.

SG-Forge confirmed that the stablecoins would be listed on various crypto exchanges and accessible to institutional, corporate, and retail investors via brokers and payment platforms. Trading for USDCV is expected to begin in July. However, the firm clarified that neither USDCV nor EURCV will be available to U.S. residents.

The rollout comes at a time when stablecoins are experiencing rapid global adoption spurred by increased regulatory clarity. A recent industry report revealed that over $94 billion in stablecoin transactions occurred between January 2023 and February 2025.

Global developments underscore the momentum: South Korea is advancing legislation to support local stablecoin issuance, fulfilling a key promise from President Lee Jae-myung. Meanwhile, in the U.S., impending regulations are reportedly prompting tech giants such as Apple, X, and Airbnb to explore the integration of stablecoins.

Signs of adoption are emerging elsewhere as well. In Bolivia, airport shops have been spotted listing prices in Tether’s USDt (USDT), following a local bank’s move to offer USDT custody last year. Stripe rolled out stablecoin-powered accounts to users in over 100 countries, marking a major leap in digital finance adoption, especially in regions grappling with inflation and limited banking access. 

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