Société Générale-Forge Launches New Stablecoin USDCV
Société Générale-Forge, the digital asset division of French bank Société Générale, has partnered with Bullish Europe GmbH. Together, they launched a new stablecoin called USD CoinVertible (USDCV).
The token debuted this week on Bullish’s BaFin-regulated platform. It is the first stablecoin listed under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Expanding Regulated Stablecoin Options in Europe
Bullish Europe operates a trading platform regulated by BaFin, Germany’s financial authority. The platform already lists Société Générale’s euro-backed stablecoin, EUR CoinVertible (EURCV), launched in 2023.
With USDCV and EURCV now available, investors have more options between two regulated digital currencies. USDCV is backed by U.S. dollars. The Bank of New York Mellon will serve as custodian for the reserves.
Jean-Marc Stenger, CEO of Société Générale-Forge, said, “We are proud to be the first to offer USDCV and to increase the availability and range of regulated stablecoins for our institutional investors.”
Regulatory Approval and Market Impact
USDCV targets both retail and institutional users. It can be used for payments, foreign exchange, and as a store of value.
Société Générale-Forge holds an e-money license from France’s Autorité de Contrôle Prudentiel et de Résolution. This means USDCV and EURCV are recognized as e-money tokens under MiCA. They can be freely transacted within the EU.
The launch comes as Europe expands its stablecoin market. Earlier this year, Deutsche Bank’s DWS-backed EURAU stablecoin launched on Ethereum with BaFin approval. Paxos also introduced its MiCA-compliant Global Dollar.
In 2025, ten issuers received MiCA approval. However, the largest stablecoin, Tether’s USDT, was not included. European regulators, including ECB President Christine Lagarde, warned that stablecoins issued outside the EU framework could pose risks to the financial system.
