Societe Generale launches a new era in digital finance with dollar stablecoin
French banking giant Societe Generale is preparing to launch a bank-backed dollar stablecoin, marking a revolutionary step in blockchain technology. This innovation is attracting the attention of institutional investors and aims to address Europe's need for digital currency.
12punto
Societe Generale's cryptocurrency subsidiary, SG Forge, is preparing to introduce a bank-backed dollar stablecoin to be used on the Ethereum and Solana networks. This move will make Societe Generale the first multinational bank to issue a dollar stablecoin on a public blockchain.
The new stablecoin is designed specifically for institutional investors and aims to meet the European Union's need for regulated tokenized dollar liquidity. In this process, custody services will be provided by BNY Mellon.
Previously, SG Forge launched the Euro stablecoin EURCV in April 2023, which has a circulation of 40 million Euros. This new initiative once again highlights Societe Generale's innovative approach in the field of digital finance.