Latest news with #EURCV
Yahoo
2 days ago
- Business
- Yahoo
SocGen's Crypto Arm Unveils Dollar Stablecoin on Ethereum and Solana
SG Forge, the cryptocurrency division of French bank Société Générale, plans to introduce a dollar-backed stablecoin on the Ethereum and Solana blockchains, the bank said on Tuesday. The USD CoinVertible (USDCV) will start trading in early July and involves Bank of New York Mellon acting as reserve custodian for the token. As crypto rules coalesce around the globe, pressure is mounting on banks to take part in the integration of fiat-pegged stablecoins into mainstream finance (TradFi). SocGen, something of a stablecoin pioneer with its euro-backed EURCV token, says it is the first global banking group to issue a public stablecoin tied to the U.S. dollar. The involvement of BNY Mellon enables seamless integration between traditional and digital financial ecosystems, SG Forge said in a press release. 'After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a U.S. dollar version was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially,' SG Forge CEO Jean-Marc Stenger said in the statement, referring to the European Union's Markets in Crypto Assets regulations. Stablecoins, digital tokens whose value is pegged to a real-world asset, are used extensively for crypto trading and other applications. The market is dominated by Tether's USDT, with a market cap of about $155 billion, according to CoinDesk data. USDC, issued by Circle (CRCL), is No. 2 with a market cap of $60 billion. 'The stablecoin market remains largely U.S. dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin,' he said in a statement. USD CoinVertible and EUR CoinVertible are designed to support a wide range of client activities, the bank said, including crypto trading and cross-border payments, on-chain settlement, foreign exchange transactions and collateral and cash management. Neither USD CoinVertible nor EUR CoinVertible are available to "U.S. Persons," SG Forge said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
2 days ago
- Business
- Arabian Post
Bank-Grade USD Stablecoin Debuts on Ethereum and Solana
Societe Generale‑Forge has introduced USD CoinVertible, a fully backed US dollar stablecoin launching on Ethereum and Solana, with BNY Mellon named as reserve custodian. USDCV is the second stablecoin by Societe Generale‑Forge following its euro-pegged EURCV. This institutional-grade token, compliant with MiCA and issued under Societe Generale‑Forge's EMI licence from France's ACPR, will offer 24/7 fiat-to-crypto conversion and multi-currency utility for institutional, corporate, and retail clients—excluding US Persons. Trading is set to commence in early July. Jean‑Marc Stenger, CEO of Societe Generale‑Forge, framed USDCV as the logical progression from EURCV: 'market adoption of stablecoins is growing exponentially,' and the dollar-based token meets clients' demands for institutional-grade stablecoin services. The token is designed to underpin a wide range of on-chain activities, including crypto trading, FX transactions, cross-border payments, and collateral or cash management—supporting seamless settlement across USD and EUR. ADVERTISEMENT BNY Mellon will hold the reserves backing USDCV, reinforcing the stablecoin's institutional foundation. Carolyn Weinberg, Chief Product & Innovation Officer at BNY Mellon, emphasised that 24/7 stablecoin capabilities could enhance operational resilience, generate efficiencies, and unlock novel opportunities across cash, collateral, investment management, and payments. Both USDCV and its predecessor, EURCV, are categorised as Electronic‑Money Tokens, fully regulated under Europe's Markets in Crypto‑assets regulation. Societe Generale‑Forge maintains public transparency on collateral composition, which adheres to high credit and liquidity standards and is updated daily on its website. The MiCA-compliant tokens are poised for distribution through institutional trading venues and exchanges. Demand for fiat-backed digital assets backed by traditional financial institutions is gaining momentum across crypto, with market makers ensuring liquidity, brokers bringing user access, and payment service providers facilitating integration. The move signifies broader momentum in the stablecoin market. Dollar-pegged stablecoins account for the bulk of the industry, with global market capitalisation in the hundreds of billions, dwarfing euro-pegged variants. Societe Generale‑Forge's expansion into USD addresses this scale, positioning the bank as a bridge between traditional finance and decentralised finance. Institutional stablecoins face a competitive landscape. Non-bank issuers such as Circle and Tether dominate the public blockchain scene, while banks like JPMorgan have previously issued tokens like JPM Coin on private networks. USDCV, on a public chain, allows Societe Generale to directly compete as a regulated, EU-licensed stablecoin provider. Expanding beyond Ethereum to Solana adds a strategic dimension: offering cost-effective, diverse blockchain infrastructure to institutional clients and capitalising on Solana's growing ecosystem. Societe Generale‑Forge's regulatory positioning is central. The subsidiary holds licences as an Electronic Money Institution and Digital Asset Service Provider under France's financial regulators, aligned with MiCA's requirements. Both tokens are not registered under the U.S. Securities Act and will only be offered to non-US persons under Regulation S. The broader context sees European institutions cautiously entering the competitive stablecoin space. Euro-denominated tokens like EURCV remain niche, often hindered by stringent reserve rules and slower Euro adoption. Regulatory oversight via MiCA, while enhancing legal clarity, restricts operational flexibility, as highlighted by the delisting of Tether from EU platforms. Societe Generale‑Forge's strategic approach reflects this landscape: build on on-chain euro demand, then expand into the US dollar space where scale and liquidity are strongest. The move supports Europe's ambitions to reduce dependency on US-dollar stablecoins and foster a regulated fiat token ecosystem. Market reaction will hinge on liquidity, brokerage integration, and clearing mechanisms. Partnerships with market makers and payment service providers will shape adoption, alongside listings on crypto exchanges. The involvement of BNY Mellon bolsters institutional trust, signalling that banking-grade reserve practices can coexist with blockchain settlement. Meanwhile, global payment players are integrating stablecoins into mainstream rails. Stripe's stablecoin accounts, Visa and Mastercard's pilot programs, and renewed interest among banks show momentum. These initiatives reflect a broader shift to tokenised fiat as infrastructure rather than niche innovation. As USDCV enters trading next month, key questions remain: will its regulated status prompt flight from unregistered stablecoins? Can it deliver on liquidity and operational efficiency? And does it set a template for future bank-issued tokens within stringent frameworks like MiCA?
Yahoo
03-06-2025
- Business
- Yahoo
BCB Strikes Deal with SocGen–FORGE to Distribute Euro-Pegged Stablecoin EURCV
BCB Markets, the trading arm of crypto payments firm BCB Group, has inked an agreement with Societe Generale–FORGE to distribute EURCoinVertible (EURCV), a euro-linked stablecoin developed by the French banking giant's digital asset subsidiary, the company said in a press release on Tuesday. The move marks another step toward broader adoption of fiat-linked digital assets, as institutions look for stablecoin alternatives beyond the U.S. dollar. Launched in April 2023, EURCV is among the first stablecoins to comply with the European Union's Markets in Crypto Assets (MiCA) framework, which came into effect this year, BCB said. Backed by cash reserves and pegged to the euro, EURCV is intended for institutional use and aims to bring stability and regulatory clarity to the stablecoin space in Europe. 'The stablecoin market is dominated by dollar-pegged coins, which is useful for many, but we believe the euro deserves a native, regulated digital representation,' said Jerome Prigent, managing director of BCB Europe, in the release. BCB said the partnership would allow its clients, ranging from crypto-native firms to traditional financial institutions, to leverage EURCV for faster and cheaper transactions, particularly in cross-border payments. Prigent noted that the appeal of euro-denominated stablecoins could stretch beyond the continent, as businesses in emerging markets across the Middle East, Africa and Latin America are actively exploring alternatives to U.S. dollar-linked tokens for remittances and trade. Euro-denominated stablecoins can reduce the cost of cross-border money transfers by as much as 80%, without the need to route payments through the dollar, Prigent added. 'The collaboration with BCB Markets supports the EURCV stablecoin expansion as an effective means of payment across various geographies and use cases,' Jean-Marc Stenger, CEO of Societe Generale–FORGE, said in the release. The announcement comes as regulated stablecoins gain momentum in Europe under MiCA, which sets new standards for transparency, reserve management, and licensing for issuers.
Yahoo
30-05-2025
- Business
- Yahoo
Stripe Explores Bank Partnerships on Stablecoins as Payments Importance Grows, Says Company President
Payments firm Stripe held early discussions with banks about integrating stablecoins into their core service as digital tokens are gaining traction for global payments, co-founder and president John Collison said in an interview with Bloomberg. "Banks are very interested in how they should be integrated with stablecoins into their product offerings as well," said Collison. "This is not something that banks are just kind of brushing away or treating as a fad." His comments underscore the rising interest among traditional financial firms to explore stablecoins, one of the fastest-growing use cases of crypto. Stablecoins, which have become a $240 billion asset class, are blockchain-based tokens anchored to government-issued currencies, predominantly to the U.S. dollar. They offer cheaper, faster alternative with around-the clock settlements compared to traditional payments channels. PayPal (PYPL) launched its own U.S. dollar-backed stablecoin PYUSD, while French bank Societe Generale issued a euro-backed token EURCV. Visa developed a tokenization platform to help banks issue stablecoins. Stripe is also betting on the growing role of stablecoins in international payments. The firm made headlines earlier this year by acquiring stablecoin tech startup Bridge for $1.1 billion. Since then, Bridge rolled out its own stablecoin USDB while Stripe introduced stablecoin accounts in over 100 countries. "A lot of our future payment volume is going to be in stablecoins," Collison said in the interview. He pointed to costly FX fees and multi-day processing times as pain points that stablecoins could while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Major U.S. Banks Mull Jointly Launching Stablecoin: WSJ
Major U.S. banks are weighing launching a joint stablecoin to fend off crypto competition. Financial heavyweights like JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), have held discussion on the subject, the Wall Street Journal reported, citing people familiar with the matter. The talks are still in early stages and could change, the report added. Within the consortium are also payments ventures owned by these banking powerhouses, like Early Warning Services, which runs Zelle, and The Clearing House, which handles real-time payments. Stablecoins are cryptocurrencies pegged to the value of another asset like a fiat currency or commodity, can settle transactions in a matter of seconds. Banks see potential in them to improve their operations, with international remittances currently taking days through the traditional system. One idea floated in the consortium's talks is a stablecoin model open to other banks beyond the core group. Regional banks have also explored similar paths, the WSJ adds, citing sources familiar with the discussions. The push comes as Washington inches toward regulation. The Senate recently advanced the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act, which Senator Hagerty (R-Tenn) described as one that 'establishes the first-ever pro-growth regulatory framework for payment stablecoins.' The improved regulatory environment has seen crypto firms seek bank charters, further adding pressure to banks. Some of these large financial institutions have already made their move. Société Générale launched a euro-denominated stablecoin, EURCV, back in 2023 through its crypto arm SG Forge. It's reportedly now looking to launch a U.S. dollar stablecoin as in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
