French large financial institution Société Générale has officially announced the launch of a stablecoin 'USDCV' pegged to the US dollar. This stablecoin will be issued through its subsidiary SG-FORGE and is set to circulate on Ethereum and Solana blockchains.
Société Générale had previously launched a euro-based stablecoin 'EURCV', making USDCV its second digital asset linked to a fiat currency. SG-FORGE has already been building a digital asset infrastructure for financial institutions in cooperation with the European Central Bank (ECB) and regulatory authorities.
This move is drawing attention in line with global banks' entry into the stablecoin market, including those in the United States. Particularly, the 'GENIUS Act' being pushed by the US Senate is likely to establish a favorable regulatory framework for bank-issued stablecoins, potentially reshaping the existing landscape of private stablecoins.
Major US banks are also known to be discussing joint stablecoin issuance, and in Europe, Santander in Spain and Deutsche Bank in Germany are also reviewing similar projects.
Experts note that "considering regulatory credibility and connectivity with existing financial networks, stablecoins are likely to transition to a structure directly issued by banks" and that "this will further intensify competition with existing leading stablecoins like USDC (Circle) and USDT (Tether)".
Société Générale's announcement symbolizes the traditional financial sector's full-scale entry into the stablecoin ecosystem and signals that the 'digital dollar' hegemony competition in the global financial market is entering a new phase.
