Société Générale’s crypto-focused subsidiary, SG Forge, is gearing up to introduce a new dollar-denominated stablecoin, marking a deeper move by traditional European banking into the digital asset space.

The token, dubbed USD CoinVertible (USDCV), is set to debut on both the Ethereum and Solana blockchains and is expected to go live in early July.

This marks the second major stablecoin initiative from the firm, following its previously launched euro-backed EURCV. While EURCV was one of the first regulated stablecoins in Europe under the EU’s MiCA framework, the new dollar version targets a much broader and more competitive market.

To ensure transparency and regulatory robustness, SG Forge has partnered with BNY Mellon for custody of the reserves backing the token. The choice to involve one of Wall Street’s most established names underscores Société Générale’s strategy to bridge the gap between conventional finance and blockchain-based tools.

Jean-Marc Stenger, CEO of SG Forge, noted that the demand for stablecoins continues to grow rapidly, particularly among institutions looking for secure, compliant ways to operate on-chain. He described the USD CoinVertible launch as a “natural evolution” after the firm’s success with the euro version.

SG Forge says its stablecoins will serve multiple roles beyond basic trading—ranging from international payments and FX settlement to collateral management and blockchain-based treasury operations. The tokens are primarily designed for institutional use and, notably, will not be available to U.S. citizens.

By launching both EUR- and USD-backed digital assets within a regulatory framework, Société Générale signals its long-term commitment to integrating traditional finance mechanisms with decentralized infrastructure. It’s another step in the transformation of how banks interact with money in a tokenized world.