Société Générale’s crypto arm, SG Forge, is set to launch a dollar-backed stablecoin on Ethereum, targeting institutional investors. This initiative follows the earlier introduction of SG Forge’s euro stablecoin, EURCV, and aims to expand its presence in the digital asset sector amid growing adoption of stablecoins among banks. The upcoming dollar stablecoin will be publicly accessible on Ethereum, with plans for future support on Solana. The launch taps into SG Forge’s e-money license for operations in the European Union. Currently, the stablecoin landscape is dominated by U.S. dollar stablecoins, with Circle’s USDC and Tether’s USDT taking significant market shares. Meanwhile, SG Forge’s existing euro stablecoin has a market capitalization of approximately $46.5 million, trailing behind competitors like Circle’s EURC. This move underscores traditional financial institutions' efforts to remain relevant in the rapidly evolving cryptocurrency ecosystem, as noted by industry experts discussing the need for banks to innovate and adapt.

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