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French banking giant Societe Generale is set to launch a dollar-backed stablecoin through its cryptocurrency subsidiary SG-FORGE. This move positions the bank as the first major European lender to offer a dollar-indexed cryptocurrency in the rapidly growing stablecoin market.
The new cryptocurrency will be named "USD CoinVertible" and will operate on the Ethereum and Solana blockchains. SG-FORGE announced on Tuesday that this coin is expected to start trading publicly in July. According to Societe Generale, leading banking and financial services company BNY Mellon will serve as the custodian of the reserves for this new stablecoin.