Latest news with #BNYMellon
CNA
6 days ago
- Business
- CNA
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 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, went public on the U.S. 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. ($1 = 0.8778 euros)
Arabian Post
6 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?
Business Recorder
02-06-2025
- Business
- Business Recorder
China's yuan looks set for monthly rise
SHANGHAI: China's yuan was largely steady against the dollar on Friday as investors stood sidelined awaiting more clarity on US President Donald Trump's trade policy following conflicting court rulings on his sweeping tariffs. A federal appeals court temporarily reinstated the most sweeping of Trump's tariffs on Thursday, a day after a US trade court ruled that he had exceeded his authority in imposing the duties and ordered an immediate block on them. As of 0327 GMT, the yuan was 0.02% higher at 7.1853 per dollar, while its offshore counterpart was up about 0.06% in Asian trade to 7.1858. The Chinese currency looked set for a monthly rise, after Washington and Beijing earlier this month agreed to roll back most of the tariffs imposed on each other's goods since early April, in an effort to avoid a full-blown trade war. However, US trade talks with China were 'a bit stalled' and getting a deal over the finish line would likely need the direct involvement of Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent said on Thursday. Some currency traders expect the yuan to stay rangebound trading for the time being. 'Tariff developments are likely to be zigzag, and 'de-dollarisation' is expected to persist,' said a trader at a foreign bank. 'Pressure on the yuan should be expected based on the comprehensive asset inflows into the country in recent weeks alone, and we also stress that fundamentals do not support excessive yuan appreciation as risks to price pressures remain to the downside,' Geoff Yu, EMEA macro strategist at BNY Mellon, said in a note. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at 7.1848 per dollar, 11 pips firmer than a Reuters' estimate of 7.1859. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day.
Yahoo
17-05-2025
- Politics
- Yahoo
‘It's made everyone feel uneasy':Shock after office targeted in ‘anti-Semitic attack'
Residents have reacted in horror after a vandalism attack on an office block in Prestwich. In the early hours of Thursday, May 15, the peace of the George Street area in Sedgley Park was shattered when Rico House, an office block, was targeted. Police said an investigation has been launched after red paint was daubed extensively across the front of the building. The words 'Happy Nakba Day' were painted onto the building. Palestine Action has claimed responsibility for the incident.# READ MORE: Prestwich office block daubed with red paint in 'Anti-Semitic' attack Barclays on Central Street, Bury, smashed and covered in red paint It claims the office block is home to the 'Manchester-based landlords' of Israeli arms firm Elbit Systems. Greater Manchester Police says it was called to reports of criminal damage at the building shortly before 4am on Thursday, and enquiries are ongoing. As well as the attack on Rico House, Palestine Action says it also targeted the Elbit Systems factors in Filton, near Bristol, and the office of BNY Mellon bank, in Edinburgh, this morning. George Street In contrast to other similar incidents, Rico House was targeted at a building surrounded by family homes. The Local Democracy Reporting Service visited George Street on Thursday. The quiet, leafy street, in the heart of Prestwich's Jewish community is mostly residential and the sound of young families enjoying the sunshine in their gardens could be heard. Bury's Council leader, Eamonn O'Brien said he was 'deeply upset' to see 'anti-Semitic attacks on Jewish businesses in our borough'. Those views were echoed by people passing by the building on Thursday. Without exception, those approached did not want their names publishing. One man, in his 50s, said: 'It's shocking and really disappointing. Surely we're better than this. 'Global issues are now coming to the doorstep of our community. 'There's a better way to protest and a better way to get your point across.' Another man, 79, who lives in nearby Kersal, said: 'It's makes everyone in the community feel more uneasy. 'I know it's targeting property rather than people but it's not nice to see. 'It's deeply unpleasant and worrying.' A man leaving Rico House through its damaged front door would not comment, saying the attack on the building 'had already been made public'. Cllr O'Brien, added: 'I would like to reassure our Jewish community that we stand with them against these sorts of attacks and will do all we can to ensure an end to division and hate in our borough. 'I have asked that the council work closely with the police and request an increase in patrols in the area.' The actions have been condemned by community representatives, include the Community Security Trust (CST), a charity which provides security to the UK's Jewish communities. A spokesperson for CST said: 'CST is appalled by the vile paint attack against a mainly Jewish office block in North Manchester. 'We have been working closely with the police and the location, doing our utmost to help identify the anti-Semitic vandals and to give security support.' Christian Wakeford MP, Labour MP for Bury South, has also condemned the attack. 'I'm deeply troubled to have learned that last night there was an attack on a property in the heart of the Jewish community in my constituency,' he said. 'The attack saw anti-Semitic graffiti targeted towards the Jewish owners of the building and those Jewish businesses who use the building. 'Anti-Semitism can never be tolerated. 'I want to reassure all my constituents that any hatred, towards any community in Bury South can never be justified, at any level.' A GMP spokesperson said: 'We were called to reports of criminal damage at a building on George Street, Prestwich. 'The scene has now been processed and closed, but officers continue to conduct further enquiries. ' Anyone with information should call us on 101 quoting log 316 of May 15, 2025.' Nakba Day commemorates the displacement of Palestinians on May 15, 1948, the day which followed the Israeli Declaration of Independence.
The National
15-05-2025
- Politics
- The National
Pro-Palestine protesters target two Scottish offices linked to Israel
Activists from Palestine Action targeted the Allianz offices in Glasgow and the BNY Mellon offices in Edinburgh on Wednesday morning, spraying red paint on both buildings. Campaigners said the companies insure and invest in Israeli weapons manufacturer Elbit Systems. BNY Mellon office in Edinburgh (Image: Palestine Action) BNY Mellon office in Edinburgh (Image: Palestine Action) Allianz office in Glasgow (Image: Palestine Action) The group said the action was taken to mark the Nakba Day, which commemorates the 750,000 Palestinians who were forcibly displaced and more than 500 Palestinian cities, towns and villages which were destroyed by Israel in 1948 during the country's formation. It comes as Israeli strikes killed more than 50 people in Gaza overnight, including a journalist. A Palestine Action spokesperson said: "As we reach the 77th Nakba and 586 days of genocide, we will continue to escalate against Elbit until they are shut down for good. READ MORE: Keir Starmer announces Rwanda-style plan to deport asylum seekers "The state's attempt to intimidate us will never deter our commitment to the liberation of Palestine from the Zionist colonial entity. Our actions wont stop until the Nakba does." Action also took place south of the Border, where several activists blockaded Elbit System's factory in Bristol with a repurposed ambulance. "Almost 20,000 Palestinian children have been killed and that's why we're here to shut down this factory," one activist said from the roof of the factory. Israel's war on Gaza has killed nearly 53,000 Palestinians, many of them women and children, and displaced 90% of the population in Gaza, often multiple times. Gaza's Health Ministry said almost 3000 people have been killed since Israel broke the ceasefire deal on March 18. On March 2, Israel halted the entry of all humanitarian aid into Gaza, with experts warning of famine if Israel does not lift its blockade. Nearly half-a-million Palestinians are facing possible starvation, while one million others can barely get enough food, according to findings by the Integrated Food Security Phase Classification, a leading international authority on the severity of hunger crises. Police Scotland have been contacted for comment.
