- Societe Generale becomes the first major European bank to launch a USD-backed stablecoin
- The stablecoin, USD CoinVertible, will operate on Ethereum and Solana
- Launch is set for July, marking a shift in how TradFi engages with crypto
Societe Generale just did something few expected from a legacy bank in Europe—it launched a dollar-backed stablecoin.
Yeah, a traditional financial giant stepping into the stablecoin game. That’s not something we see every day. The move comes through SG-FORGE, their crypto-focused arm, and it’s being seen as a signal: TradFi isn’t just watching crypto anymore—they’re participating.
The stablecoin, called USD CoinVertible, is set to go live on Ethereum and Solana. That detail matters. They’re not building on a private or permissioned blockchain like many banks try to do at first.
They’re deploying where real volume happens—public chains. It’s a clear attempt to stay relevant and plug into existing liquidity.
Launch is expected in July. And sure, the rollout will probably be cautious and institutional-first. But the intent is loud and clear: Societe Generale is staking a claim in the digital asset space.
The choice of a USD-backed model is also worth noting. With USDT and USDC dominating, entering that ring takes guts. But it also speaks to rising demand for alternatives, especially from players who want regulatory clarity and European banking muscle behind their stablecoins.
This isn’t SG-FORGE’s first rodeo. They’ve been building quietly in the background for years, experimenting with tokenized bonds and blockchain settlement layers.
The launch of USD CoinVertible feels like a natural step forward in that path—a bridge between traditional capital markets and the decentralized rails that more and more institutions are eyeing.
What matters now is how other European banks respond. Because if this works, it won’t stay a one-off.
