French banking giant Societe Generale in partnership with Bitpanda launched the EUR CoinVertible stablecoin (EURCV) according to MiCA standards based on Stellar. The next step is the dollar stablecoin.
The new digital currency will be called USD CoinVertible (USDCV) and will be issued on the Ethereum and Solana blockchains, and will also meet MiCA requirements. Public trading is expected to begin in July. BNY Mellon will act as the custodian of the stablecoin reserves.
Societe Generale-FORGE (SG-Forge), a subsidiary of Societe Generale, launched a euro-based stablecoin in 2023. It is not widely used, with only 41.8 million euros ($47.62 million) in circulation.
The largest issuer of stablecoins, Tether (USDT), does not have a license to operate in the European Union under the MiCA regulation.
SG-FORGE said that the USDCV dollar stablecoin can be used for cryptocurrency trading, cross-border payments, foreign exchange transactions, and collateral and cash management, and will be introduced on various crypto exchanges without providing further details.
Source: Societe Generale-FORGE