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Societe Generale to launch dollar-pegged stablecoin
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French bank Societe Generale will launch a dollar-backed stablecoin via its crypto subsidiary SG-FORGE, becoming the first major European lender to launch a dollar-pegged cryptocurrency in the booming market for stablecoins.
The cryptocurrency, called “USD CoinVertible“, will exist on the Ethereum and Solana blockchains and is expected to be publicly tradable from July, SG-FORGE said in a statement on Tuesday. BNY Mellon will be the custodian for its reserves, SocGen said.
SocGen’s crypto arm had already launched a euro-based stablecoin, in 2023 but…
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