Societe Generale Launches First Major Bank-Issued Dollar Stablecoin

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France’s Societe Generale announced plans to introduce a dollar-pegged stablecoin, becoming the first major bank to enter the dollar-backed crypto market.

The stablecoin, named “USD CoinVertible”, will be publicly tradable on Ethereum and Solana, with trading set to begin in July.

Issued by SocGen’s crypto division SG-FORGE, the stablecoin aims to facilitate large transactions via blockchain rather than traditional banking. The stablecoin market has surged, led by Tether’s $155 billion in dollar-pegged tokens.

SG-FORGE previously launched a euro stablecoin in 2023, but adoption has been slow, with only €41.8 million ($47.62 million) in circulation.