The post France’s Societe Generale Enters USD Stablecoin Market With USDCV appeared first on Coinpedia Fintech News
SG Forge, the crypto division of French banking giant Societe Generale, is set to enter the dollar-backed stablecoin race with USD CoinVertible (USDCV). The launch comes on the heels of its successful MiCA-compliant euro stablecoin, EUR CoinVertible (EURCV).
According to reports, USDCV will be deployed on both the Ethereum and Solana blockchains, offering fast and scalable transactions. While the exact launch date hasn’t been confirmed, insiders suggest an early July 2025 rollout.
SG Forge already operates EURCV, a euro-backed stablecoin with a market cap of $47.9 million and a circulating supply of over 41.8 million, according to CoinGecko.
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The stablecoin market cap currently stands at $254.37 billion, with $49.13 billion in daily volume. The top five stablecoins by market cap are:
Stablecoin | Market Cap |
Tether (USDT) | $155.22 Billion |
USDC | $60.96 Billion |
USDS | $7.20 Billion |
Ethena (USDe) | — |
Dai | — |
The dominance of USD-pegged stablecoins highlights the competitive pressure SG Forge’s USDCV will face. However, its regulated framework, strong banking roots, and multi-chain presence could help it carve out a niche.
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