Societe Generale-FORGE (SG-FORGE), the cryptocurrency-focused subsidiary of the French bank, has chosen the European arm of crypto exchange Bullish as the first venue to list the lender’s USD CoinVertible (USDCV) stablecoin.
The dollar-denominated USDCV stablecoin, which SG Forge introduced on Ethereum and Solana back in June of this year, will list on Bullish Europe, the companies said on Tuesday. Bullish Global is also the owner of CoinDesk.
The arrival of regulations around stablecoins has caught the attention of the financial industry. SG Forge’s USDCV stablecoin, like its euro-denominated counterpart (EURCV), is regulated under the Markets in Crypto-Assets regulation (MiCA).
Although the GENIUS Act has been passed by the U.S. Congress, the full regulation is not yet in place, pointed out Jean-Marc Stenger, CEO of Societe Generale-FORGE. This means it will be some time before the bank’s stablecoins will be available to U.S. residents.
“For the moment, we have clarity in Europe with MiCA, but we don’t have this clarity in the U.S. Being a bank subsidiary, if we don’t have a clear picture, we can’t go ahead like a crypto player might do,” Stenger said in an interview.
“It’s probably several months ahead of us to have all these additional rules which will be issued in the U.S. So for now, we restrict the access of this product to non-U.S. investors, and once we will have a clear picture of the environment in the U.S., our goal is to lift this constraint,” he said.
There’s been a lot of talk about stablecoins among banks and other traditional finance firms, what with the bedding in of MiCA and U.S. President Donald Trump’s crypto-friendly administration, but not a lot of action. SocGen remains the main stablecoin trailblazer among systemically important banks, for the time being at least.
SG Forge’s EURCV euro stablecoin, which was launched in 2023, has around €40 million ($47m) of turnover every day, according to Stenger. He said the number of exchanges and brokers allowed to directly mint and burn the stablecoin is growing steadily, while there are 10 or 15 exchanges in the queue to be on-boarded.
“We have one single KYC procedure and policy for the group, meaning that we onboard crypto exchanges and brokers the same way SocGen will onboard any other client,” Stenger said. “On occasion it’s a big order for some crypto players, but it’s important towards building strong partnerships.”