The French bank Société Générale said on Tuesday it plans to launch a dollar-backed Stablecoin through its subsidiary of digital assets, becoming the first major financial entity to enter the growing indexed cryptocurrency market.
The new digital currency, called “USD Coinvertible”, will be issued at Ethereum and Solana blockchains, with public negotiation scheduled to begin in July, said the Cogen Crypto arm, SG-FORGE, in a statement.
Stablecoins are a type of cryptocurrency normally linked to a traditional currency, usually the dollar, allowing people to move money using blockchain networks instead of traditional bank payment systems.
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SG-FORGE launched a 2023 stablecoin linked to the euro in 2023, although it was not widely adopted, with 41.8 million euros ($ 47.62 million) in circulation, according to its site.
Socgen said its stablecoins are classified as electronic money tokens and will be regulated by Mica, the European Union’s regulatory framework adopted in 2023.
