Societe Generale-Forge Reveals Early July Launch of USD CoinVertible Stablecoin on Ethereum and Solana With BNY Mellon as Reserve Custodian

On June 10, 2025, Societe Generale-FORGE revealed plans for a new stablecoin on Ethereum and Solana. The token, called USD CoinVertible, should start trading in early July. The Bank of New York Mellon will serve as the reserve custodian for this asset. This move targets institutional and corporate clients without retail access. The project reflects broader digital asset expansion by traditional banks. It follows the earlier introduction of a euro stablecoin in April 2023. Societe Generale-Forge’s stablecoin schedule aims to strengthen linkages between fiat and blockchain systems.

BNY Mellon to Oversee Reserves for USD CoinVertible Under MiCA Compliance

The Bank of New York Mellon will manage reserves backing the new stablecoin. Reserve assets must meet high-quality standards under traditional custodian roles. Societe Generale-FORGE will publish daily valuations and collateral composition details. This transparency follows MiCA regulations and supports institutional trust in stablecoins. Carolyn Weinberg highlighted how stablecoins with 24/7 capabilities drive operational efficiency. She added that these assets could create new opportunities for investors and corporations. BNY’s role signals growing interest from established banks in stablecoin infrastructures.

USD CoinVertible will not be available to U.S. persons or U.S. market participants due to current regulatory frameworks. It focuses on clients in Europe and other eligible jurisdictions under French oversight. The token joins a prior offering, the EUR CoinVertible, launched in April 2023. Both offerings follow Electronic Money Token structures under MiCA requirements. SG-FORGE operates as a licensed Electronic Money Institution in France. This compliance ensures clear alignment with core European digital asset regulations.

USD CoinVertible Designed to Serve Institutional Workflows Around the Clock

The asset will support trading, collateral management, and on-chain settlements. It also enables seamless foreign exchange operations between fiat and tokens. These functions aim to serve large institutional workflows around the clock. Multiple market makers are expected to provide initial liquidity for the token. It remains unclear which exchanges will list the asset at launch. USD CoinVertible appears aimed at institutional needs, not retail adoption or consumer use. This strategic focus may influence stablecoin market dynamics among institutional players.

Jean-Marc Stenger described the US dollar stablecoin as a natural progression after the euro version. He noted that stablecoin market adoption is growing exponentially around the world. He stated that US dollar assets dominate stablecoin circulation and require institutional-grade offerings. His comments reflect the ongoing shift toward digital asset integration in finance. Stakeholders will watch initial trading volumes to gauge market reception and usage patterns. The introduction adds momentum to stablecoin growth amid $230 billion in issuance.

Built for Both Ethereum and Solana Blockchain

A key feature of USD CoinVertible involves supporting both the Ethereum and Solana networks for trading. While Ethereum remains dominant for tokenized assets, Solana offers faster transactions and lower costs. These traits may attract institutions seeking efficient cross-border settlements and on-chain operations. Major European financial groups now validate Solana’s growing role in stablecoin markets. The US dollar stablecoin benefits from this expanded network support by SG-FORGE. Network diversification may improve transaction resilience during peak demand periods. This approach aligns with institutional workflow requirements for continuous operations.

Stablecoins Dominate 60% of Global On-Chain Transactions

Stablecoins now account for about 60% of on-chain transaction volume worldwide. Their popularity stems from stability, low fees, and fast settlements. Emerging platforms like Solana and TRON expand stablecoin use cases beyond Ethereum. Institutional workflows increasingly rely on stablecoins for payments and settlements. Societe Generale-Forge’s stablecoin launch contributes to this digital finance evolution. Continuous upgrades in protocol standards may strengthen stablecoin resilience and adoption. The new stablecoin underscores banking sector interest in blockchain integration.