On June 10, Société Générale-Forge, the crypto subsidiary of Société Générale, announced the launch of a new US dollar-pegged stablecoin, USD CoinVertible (USDCV) (Source: June 10 announcement).
The stablecoin will be issued on the Ethereum and Solana blockchains. BNY, a UK-based financial services firm, will act as the custodian for the assets backing the stablecoin.
This launch follows the April 2023 release of EUR CoinVertible (EURCV), a euro-pegged stablecoin, for institutional customers. USDCV aims to provide 24/7 conversions between fiat currencies and digital dollars or euros, enabling real-time settlement of transactions.
Both USDCV and EURCV are designed for various uses, including crypto trading, cross-border payments, and onchain settlement. Trading of USDCV is expected to begin in July, but it won't be available to US-based persons.