SG-FORGE Launches New MiCA-Compliant Stablecoin USD CoinVertible

The cryptocurrency unit of Societe Generale, known as SG-FORGE, has announced the launch of a new stablecoin called USD CoinVertible (USDCV).

This asset will be available on the Ethereum and Solana networks, with the Bank of New York Mellon (BNY) acting as the custodian for its reserves.

USD CoinVertible marks SG-FORGE’s second stablecoin; the company previously introduced EUR CoinVertible (EURCV) in April 2023. In December, the fully backed euro asset was listed on the Bitstamp exchange.

The new stablecoin enables clients to convert US dollars into USDCV and vice versa around the clock, facilitating instant transactions. Trading of the token is set to begin in early July.

BNY will be responsible for safeguarding the reserves. Details and valuations of the pledged assets will be published daily on the SG-FORGE website. The company has stated that it will adhere to strict selection criteria for reserves, which includes minimum credit ratings and liquidity levels.

Both USDCV and EURCV comply with the European MiCA regulation. The issuer holds a license from the French Prudential Supervision and Resolution Authority. These instruments are not available for U.S. citizens or residents.

Jean-Marc Stenger, the head of SG-FORGE, noted that the stablecoin market continues to expand and is predominantly denominated in U.S. dollars.

BNY added that fiat currency is undergoing transformation, and stablecoins, with their 24/7 accessibility, are catalysts for this change. They enhance operational efficiency and create new opportunities for corporations and investors.

In July 2023, Societe Generale, through SG-FORGE, obtained a license for digital asset services from the French Financial Market Supervisory Authority.

In May 2025, two firms, StablR and Oobit, with support from Tether, introduced stablecoins compliant with MiCA regulations in Europe.