Societe Generale Enters Stablecoin Race with Dollar-Pegged Offering
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In a landmark move for traditional finance, Societe Generale is set to launch “USD CoinVertible“, a dollar-backed stablecoin, positioning itself as the first major bank to compete in the booming stablecoin sector.
The token, issued by SG-FORGE, will trade on Ethereum and Solana, with public availability expected in July. Stablecoins, which peg their value to fiat currencies like the dollar, have become crucial for crypto trading and cross-border payments.
The market is dominated by Tether (USDT), which has issued $155 billion in tokens. SocGen’s entry signals growing institutional interest, though its previous euro stablecoin saw limited traction, with just €41.8 million circulating.
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