Societe Generales Subsidiary Launches MiCA-Compliant Stablecoin USD CoinVertible

The cryptocurrency unit of Societe Generale, SG-FORGE, has announced the launch of a new stablecoin called USD CoinVertible (USDCV).

This asset will be available on the Ethereum and Solana networks, with the Bank of New York Mellon (BNY) serving as the custodian for its reserves.

USD CoinVertible marks SG-FORGE’s second stablecoin, following the release of EUR CoinVertible (EURCV) in April 2023. In December, the fully-backed euro asset was listed on the Bitstamp exchange.

The new stablecoin will allow clients to instantaneously convert US dollars to USDCV and vice versa, facilitating real-time transactions. Trading of the token is set to commence in early July.

BNY will secure the reserves, and the composition and valuation of the collateralized assets will be updated daily on SG-FORGE’s website. The company has stated that it will adhere to strict selection criteria for the reserves, including minimum credit ratings and liquidity levels.

Both USDCV and EURCV comply with the European regulatory framework known as MiCA. The issuer holds a license from France’s Prudential Supervisory and Resolution Authority. These instruments are not available to U.S. citizens and residents.

Jean-Marc Stenger, head of SG-FORGE, highlighted the continuing growth of the stablecoin market, primarily denominated in US dollars.

BNY remarked that fiat currency is undergoing a transformation, and the round-the-clock availability of stablecoins acts as a catalyst for these changes. These innovations enhance operational efficiency and create new opportunities for corporations and investors.

Additionally, in July 2023, Societe Generale, through SG-FORGE, received a license from France’s Financial Markets Supervisory Authority to operate as a digital asset service provider.

In May 2025, with support from Tether, two companies—StablR and Oobit—introduced MiCA-compliant stablecoins in Europe.