The cryptocurrency division of the French bank Societe Generale has launched its own stablecoin USD CoinVertible (USDCV), pegged to the US dollar. American financial company Bank of New York Mellon will act as the custodian of the assets backing USDCV.
In April 2023, Societe Generale already launched stablecoin EUR CoinVertible (EURCV) is a euro-pegged cryptocurrency for institutional clients.
After releasing a MiCA-compatible stablecoin (EURCV), launching a US dollar version (USDCV) was an obvious next step for Société Générale as market adoption of stable assets grows exponentially, said Jean-Marc Stenger, head of the bank’s crypto division.
He stated that USDCV and EURCV are designed for a wide range of applications, including cryptocurrency trading, cross-border payments, online settlements, foreign exchange transactions, and collateral and cash management.
The stablecoins will be listed on several cryptocurrency exchanges and will be available to institutional, corporate and retail investors through brokers and payment service providers, the bank said. USDCV trading is expected to begin in July, but neither it nor EURCV will be available to U.S. residents, the company said.
