SG Forge, the Cryptocurrency Division of the French Bank Société Générale, plans to introduce a stablecoin backed by dollar into the Ethereum and Solana Blockchains, the bank said Tuesday.
The Coinvertible USD (USDCV) will begin to quote in early July and involve the Bank of New York Mellon that acts as a reserve custodian for the Token.
As the cryptographic rules join worldwide, the pressure is increasing in banks to participate in the integration of fiducias stables into conventional finance (tradfi). Socgen, something like a stablecoin pioneer with his Token Eurcv backed by the euro, says it is the first global banking group to issue a public stablocoin linked to the US dollar.
Bny Mellon’s participation allows perfect integration between traditional and digital financial ecosystems, said SG Forge in a press release.
“After the launch of an EUR STABLECOIN (EURCV) compatible with Mica (EURCV), the launch of a US dollar version was the next obvious step for Societe Generale, as the adoption of the Stablecoins market is growing exponentially,” said the CEO of SG forge, Jean-Marc Stenger, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement, in the statement In Crypto assets regulations.
Stablecoins, digital tokens whose value is set to a real world asset, are widely used for cryptography and other applications. The market is dominated by the USDT of Tereher, with a market capitalization of approximately $ 155 billion, according to Coindesk data. USDC, issued by Circle (CRCL), is number 2 with a market capitalization of $ 60 billion.
“The Stablecoin market is still largely called in US dollars. This new currency will allow our customers, institutions, companies or retail investors, take advantage of the benefits of an institutional degree stable,” he said in a statement.
Usd coinvertible and EUR coinvertible are designed to support a wide range of client activities, the bank said, including cryptocurrency trade and cross -border payments, chain settlement, currency transactions and guarantee and effective management.
Neither coinvertible USD nor EUR coinvertible are available for “American people,” said SG Forge.
