According to the reports, the cryptographic arm of Société Générale, SG Forge, is preparing to launch a stablcoin backed by dollar in Ethereum, which makes it the first global banking group to issue a public stablcoin linked to the US dollar.
SG forge’s Dollar Stablecoin would be publicly accessible in Ethereum, with additional support for Solana to follow. The launch is expected in the coming weeks, according to a report by the French publication The Big Whale.
The Movement would expand SG Forge’s footprint in the digital asset space after the 2023 debut of its Euro Stablecoin, EURCV.
The Token initially serves institutional investors, taking advantage of the SG Forge electronic money license to legally operate throughout the European Union, according to the report.
The change would come in the midst of the acceleration of stable adoption. World Liberty Financial, the decentralized financial project backed by the family of US President Donald Trump, has launched its own stablecoin called in dollars, USD1, which has been used to liquidate the investment of $ 2 billion mgx in Binance.
Banks, according to the managing director of Bitgo de Stablcoin Ben Reynolds, are exploring Stablecoins in an attempt to avoid being surpassed by native cryptocurrency competitors. These financial institutions are necessary to unlock all the potential of these tokens, said José Fernández Da Ponte de Paypal in consensus 2025 in Toronto.
The SG Forge stablecoin called in euro, ERCV, currently has a market capitalization of around $ 46.5 million, far behind competitors, including the Circle token EURC, whose market capitalization exceeds $ 237 million. Tokens called euro represent a fraction of the Stablecoin market of $ 243 billion.
The stable of the US dollar dominate the ecosystem, with the USDC of Circle that carries a market capitalization of $ 60.6 billion, behind the USDT market leader, the tether flanfold stablocoin with a market capitalization of $ 151.6 billion.
SG Forge declined to comment.
