Societe Generale-FORGE introduced its USD-pegged stablecoin, USD CoinVertible (USDCV), utilizing Ethereum and Solana blockchains.
On Tuesday, June 10, French financial services giant Societe Generale announced the launch of its USD-pegged stablecoin through its crypto subsidiary Societe Generale-FORGE. Interestingly, the firm has chosen blockchain platforms Ethereum and Solana to bring its stablecoin USD CoinVertible (USDCV).
Another UK-based financial services firm BNY will serve as the custodian for the stablecoins. This announcement builds on the firm’s April 2023 introduction of EUR CoinVertible (EURCV), a euro-pegged stablecoin designed for institutional clients, launch on the Stellar blockchain network. Jean-Marc Stenger, CEO of Societe Generale-FORGE said:
“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Société Générale–Forge as market adoption of stablecoins is growing exponentially”.
USDCV seeks to deliver frictionless entry into the stablecoin ecosystem, facilitating round-the-clock exchanges between traditional currencies and digital dollar or euro equivalents. The company states that this system will allow for instant transaction settlement in both US dollars and euros.
Societe generale rides the stablecoin wave
With the United States working on clear stablecoin regulations by introducing the GENIUS Act, big market players are already exploring the use of fiat-pegged digital assets and cutting costs.
Last week, Arizona Senator Ruben Gallego stated that as many as 16 Democrats could back the Senate’s stablecoin bill in its final vote. He noted that the bill, scheduled for a vote this week, is likely to receive robust bipartisan support, potentially exceeding the backing garnered during earlier procedural votes
Additionally, data reveals that the total stablecoin market value is nearing its all-time high of $250 billion, driven by consistent growth since January. Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $155.20 B Vol. 24h: $22.66 B dominates with a market cap of $152.4 billion, followed by Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $61.16 B Vol. 24h: $5.06 B at $61 billion.
Societe Generale is now willing to explore opportunities in the rapidly expanding stablecoin market. Even big Wall Street banking giants are also exploring a similar opportunity and will compete with existing players like Tether and Circle.
On the other hand, Circle successfully conducted its IPO last week, going live for trading on the New York Stock Exchange (NYSE) under the CRCL ticker. Ark Invest’s Cathie Wood has made a big announcement in the stablecoin firm after a strong debut on Wall Street.
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