Ah, the illustrious Societe Generale, that venerable French institution, has decided to dip its toes into the murky waters of cryptocurrency. Yes, you heard it right! They are launching a US dollar stablecoin on the Ethereum and Solana blockchains. Because, of course, what could be more stable than a stablecoin? 😂
In a rather grand announcement, the Societe Generale-FORGE has unveiled the USD CoinVertible (USDCV), their second foray into the world of stablecoins, following the 2023 debut of the EUR CoinVertible (EURCV). One can only imagine the boardroom discussions that led to this momentous decision. “Let’s make another coin! But this time, let’s make it American!”
Jean-Marc Stenger, the CEO of Societe Generale-FORGE, waxed lyrical, stating, “After the release of a MiCA-compliant EUR stablecoin EURCV, the launch of a US Dollar version USDCV was the obvious next step for Societe Generale-FORGE as market adoption of stablecoins is growing exponentially.” Well, if it’s obvious to him, who are we to argue?
He continued, “The stablecoin market remains largely US dollar-denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin.” Ah yes, institutional-grade! Just what we all need in our lives—more institutional-grade anything!
And let’s not forget the Bank of New York Mellon Corporation (BNY), which will serve as the “reserve custodian.” Because nothing says “trust” quite like a bank with a name longer than a Shakespearean sonnet, right?
The bank assures us that stablecoins have a plethora of use cases for its clients, including crypto trading, cross-border payments, on-chain settlement, foreign exchange transactions, and cash management. In other words, they’re just like regular coins, but with a fancy digital twist!
Mark your calendars, folks! The launch of USDCV is expected to commence next month, and these stablecoins will be listed on several crypto exchanges. But, alas, for our friends in the United States, it seems they’ll have to wait a bit longer to join the party. Sorry, not sorry! 🎉
Read More
2025-06-11 15:01