Société Générale's crypto division, SG Forge, is preparing to launch a dollar-backed stablecoin on Ethereum. This makes it the first global banking group to issue a public stablecoin tied to the U.S. dollar. The launch is expected in the coming weeks, according to a report by The Big Whale.
The dollar stablecoin will be publicly accessible on Ethereum, with Solana support to follow. The token will initially serve institutional investors, leveraging SG Forge's e-money license to operate legally across the European Union. This move expands SG Forge's digital asset footprint after the 2023 debut of its euro stablecoin, EURCV.
The launch occurs amid growing stablecoin adoption, as banks explore stablecoins to stay competitive with crypto-native firms. SG Forge's EURCV currently has a market capitalization of around $46.5 million. U.S. dollar stablecoins dominate the ecosystem, with USDC at $60.6 billion and USDT at $151.6 billion.
World Liberty Financial, backed by the Trump family, launched its own dollar-denominated stablecoin, USD1. It has been used to settle MGX's $2 billion investment in Binance.
This article is based on our author's analysis of materials taken from the following resource: The Big Whale.