Société Générale-Forge Launches USD-denominated Stablecoin
Summary
Société Générale-Forge has launched a US dollar-pegged stablecoin called USD CoinVertible (USDCV) on the Ethereum and Solana blockchains. BNY will serve as the custodian for the assets backing this stablecoin. This follows the April 2023 launch of their euro-pegged stablecoin, EUR CoinVertible (EURCV). USDCV aims to facilitate 24/7 conversions between fiat currencies and digital dollars or euros, enabling real-time settlement of transactions. Both USDCV and EURCV are designed for various use cases, including crypto trading and cross-border payments, and will be available to institutional, corporate, and retail investors, excluding US-based persons.
