Latest news with #Jean-MarcStenger
Business Recorder
2 days ago
- Business
- Business Recorder
Societe Generale becomes first major bank to launch dollar-pegged stablecoin
PARIS: France's Societe Generale said on Tuesday it plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary, making it the first major bank to enter the growing market of dollar-pegged cryptocurrencies. The new digital currency, named 'USD CoinVertible', will be issued on both the Ethereum and Solana blockchains, with public trading expected to start in July, SocGen's crypto arm SG-FORGE said in a statement. Stablecoins are a type of cryptocurrency typically pegged to a traditional currency, usually the dollar, allowing people to move large sums of money using blockchain networks instead of traditional banking payment systems. The sector has seen rapid growth, driven by crypto company Tether, which has issued $155 billion of its dollar-pegged tokens. SG-FORGE launched a euro-based stablecoin in 2023, although it has not been widely adopted, with just 41.8 million euros ($47.62 million) in circulation, according to its website. SocGen said its stablecoins are classed as e-money tokens and will be regulated under MiCA, the European Union's landmark crypto regulation adopted in 2023. Tether does not have a licence to operate in the European Union under MiCA. Jean-Marc Stenger, CEO of SG-FORGE, said that there was demand for a regulated dollar-based stablecoin. 'At the moment, there are no other banking-related players in that space … that's definitely the feedback we have from the market, both corporates, financial institutions, but also crypto exchanges,' he said. 'There is a very, very strong need for well-regulated, robust offering in the crypto and stablecoin space'. Stablecoin issuers typically take in dollars from customers and give them the crypto token in return. The issuers profit by investing these dollar holdings into yield-bearing assets such as bonds. BNY will serve as the custodian for SG-FORGE's reserves, which will initially be kept in a cash account, before later being invested into other assets, Stenger said. SG-FORGE said that its token can be used for crypto trading, cross-border payments, foreign exchange transactions and management of collateral and cash, and will be listed on various crypto exchanges, without giving further details. The subsidiary has 'more than 15' crypto exchanges and brokers being onboarded as clients, Stenger added. In the U.S., Congress is poised to pass legislation to create a regulatory framework for stablecoins. Bank of America could launch a stablecoin, its CEO said earlier this year, and some other large banks are considering issuing a joint stablecoin. Tether is the world's largest stablecoin issuer. Its CEO said in a post on X that the company was the seventh biggest buyer of U.S. government debt in 2024, because it holds its dollar reserves in Treasuries. The second-largest issuer, Circle, went public on the U.S. stock market on June 5 and saw its shares soar 48% on Friday. Regulators have long warned that stablecoins could impact market stability by creating connections between mainstream finance and more volatile crypto markets.
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
Business Times
2 days ago
- Business
- Business Times
Societe Generale becomes first major bank to launch dollar-pegged stablecoin
[PARIS] France's Societe Generale said on Tuesday (Jun 10) it plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary, making it the first major bank to enter the growing market of dollar-pegged cryptocurrencies. The new digital currency, named 'USD CoinVertible', will be issued on both the Ethereum and Solana blockchains, with public trading expected to start in July, SocGen's crypto arm SG-FORGE said in a statement on Tuesday. BNY Mellon will serve as the custodian for the stablecoin's reserves, the bank said. Stablecoins are a type of cryptocurrency typically pegged to a traditional currency, usually the dollar, allowing people to move large sums of money using blockchain networks instead of traditional banking payment systems. The sector has seen rapid growth, driven by crypto company Tether, which has issued US$155 billion of its dollar-pegged tokens. SG-FORGE launched a euro-based stablecoin in 2023, although it has not been widely adopted, with just 41.8 million euros (S$61.4 million) in circulation, according to its website. SocGen said its stablecoins are classed as e-money tokens and will be regulated under MiCA, the European Union's landmark crypto regulation adopted in 2023. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Tether does not have a licence to operate in the European Union under MiCA. Jean-Marc Stenger, CEO of SG-FORGE, said that there was demand for a regulated dollar-based stablecoin. 'At the moment, there are no other banking-related players in that space ... that's definitely the feedback we have from the market, both corporates, financial institutions, but also crypto exchanges,' he said. 'There is a very, very strong need for well-regulated, robust offering in the crypto and stablecoin space'. SG-FORGE said that its token can be used for crypto trading, cross-border payments, foreign exchange transactions and management of collateral and cash, and will be listed on various crypto exchanges, without giving further details. The subsidiary has 'more than 15' crypto exchanges and brokers being onboarded as clients, Stenger added. In the US, Congress is poised to pass legislation to create a regulatory framework for stablecoins. Bank of America could launch a stablecoin, its CEO said earlier this year, and some other large banks are considering issuing a joint stablecoin. Tether is the world's largest stablecoin issuer. Its CEO said in a post on X that the company was the seventh-biggest buyer of US government debt in 2024, because it holds its dollar reserves in Treasuries. The second-largest issuer, Circle, went public on the US stock market on June 5 and saw its shares soar 48 per cent on Friday. Regulators have long warned that stablecoins could impact market stability by creating connections between mainstream finance and more volatile crypto markets. REUTERS
Yahoo
2 days ago
- Business
- Yahoo
Societe Generale becomes first major bank to launch dollar-pegged stablecoin
By Elizabeth Howcroft PARIS (Reuters) -France's Societe Generale ( said on Tuesday it plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary, making it the first major bank to enter the growing market of dollar-pegged cryptocurrencies. The new digital currency, named "USD CoinVertible", will be issued on both the Ethereum and Solana blockchains, with public trading expected to start in July, SocGen's crypto arm SG-FORGE said in a statement on Tuesday. BNY Mellon will serve as the custodian for the stablecoin's reserves, the bank said. Stablecoins are a type of cryptocurrency typically pegged to a traditional currency, usually the dollar, allowing people to move large sums of money using blockchain networks instead of traditional banking payment systems. The sector has seen rapid growth, driven by crypto company Tether, which has issued $155 billion of its dollar-pegged tokens. SG-FORGE launched a euro-based stablecoin in 2023, although it has not been widely adopted, with just 41.8 million euros ($47.62 million) in circulation, according to its website. SocGen said its stablecoins are classed as e-money tokens and will be regulated under MiCA, the European Union's landmark crypto regulation adopted in 2023. Tether does not have a licence to operate in the European Union under MiCA. Jean-Marc Stenger, CEO of SG-FORGE, said that there was demand for a regulated dollar-based stablecoin. "At the moment, there are no other banking-related players in that space ... that's definitely the feedback we have from the market, both corporates, financial institutions, but also crypto exchanges," he said. "There is a very, very strong need for well-regulated, robust offering in the crypto and stablecoin space". SG-FORGE said that its token can be used for crypto trading, cross-border payments, foreign exchange transactions and management of collateral and cash, and will be listed on various crypto exchanges, without giving further details. The subsidiary has "more than 15" crypto exchanges and brokers being onboarded as clients, Stenger added. In the U.S., Congress is poised to pass legislation to create a regulatory framework for stablecoins. Bank of America could launch a stablecoin, its CEO said earlier this year, and some other large banks are considering issuing a joint stablecoin. Tether is the world's largest stablecoin issuer. Its CEO said in a post on X that the company was the seventh biggest buyer of U.S. government debt in 2024, because it holds its dollar reserves in Treasuries. The second-largest issuer, Circle (CRCL), went public on the U.S. stock market on June 5 and saw its shares soar 48% on Friday. Regulators have long warned that stablecoins could impact market stability by creating connections between mainstream finance and more volatile crypto markets. ($1 = 0.8778 euros)
Arabian Post
20-05-2025
- Business
- Arabian Post
Societe Generale Unveils Dollar-Pegged Stablecoin on Ethereum
Societe Generale, one of Europe's leading financial institutions, has launched a new stablecoin pegged to the US dollar on the Ethereum blockchain, marking a significant milestone as the first dollar-backed stablecoin issued by a traditional bank. The initiative, spearheaded by the bank's digital asset subsidiary SG-Forge, aims to bridge the gap between conventional finance and the rapidly evolving world of decentralised finance . The stablecoin, named USD CoinVertible , is designed to offer institutional clients a secure and regulated digital asset for on-chain transactions. SG-Forge has emphasised that USDCV will adhere to strict compliance standards, including Know Your Customer and Anti-Money Laundering protocols, ensuring its suitability for professional investors seeking exposure to digital assets within a regulated framework. Jean-Marc Stenger, CEO of SG-Forge, stated that the launch of USDCV represents a pivotal step in the bank's digital asset strategy. He highlighted the growing demand among institutional clients for stable and compliant digital assets that can facilitate efficient settlement and liquidity management on blockchain platforms. The introduction of USDCV follows SG-Forge's earlier venture into stablecoins with the euro-pegged EUR CoinVertible , which was initially deployed on the Ethereum blockchain. Despite its innovative approach, EURCV experienced limited adoption, prompting SG-Forge to expand its presence to other blockchain networks. In September 2024, the firm announced plans to deploy EURCV on the Solana network, citing the blockchain's high throughput and low transaction costs as key factors for enhancing user experience and adoption. Solana's capabilities have attracted attention from various financial institutions seeking to leverage blockchain technology for digital asset issuance and management. SG-Forge's decision to extend EURCV to Solana aligns with a broader industry trend of exploring scalable and cost-effective blockchain solutions to meet the demands of both retail and institutional users. In addition to Solana, SG-Forge has expressed intentions to further expand its stablecoin offerings to other blockchain networks, including the XRP Ledger. This multi-chain strategy reflects the firm's commitment to providing versatile and accessible digital asset solutions across diverse blockchain ecosystems. The launch of USDCV positions Societe Generale as a pioneer among traditional banks venturing into the stablecoin market. While other financial institutions have explored digital asset initiatives, Societe Generale's direct issuance of a dollar-pegged stablecoin on a public blockchain underscores its proactive approach to embracing digital innovation within a regulated framework. As the stablecoin market continues to evolve, the entry of established financial entities like Societe Generale introduces a new dimension to the landscape. The bank's emphasis on regulatory compliance and institutional-grade solutions may set a precedent for other traditional financial institutions considering similar ventures into the digital asset space. The success of USDCV will likely depend on its adoption by institutional clients and its integration into existing financial infrastructures. SG-Forge's ongoing efforts to enhance the utility and accessibility of its stablecoin offerings, including partnerships with market makers and listings on digital asset exchanges, will be critical in driving adoption and establishing a foothold in the competitive stablecoin market. Arabian Post – Crypto News Network
