Société Générale-Forge, a subsidiary of the French financial services company Société Générale, has announced the launch of a new US dollar-pegged stablecoin named USD CoinVertible (USDCV). This stablecoin will be issued on the Ethereum and Solana blockchains, with BNY serving as the custodian for its backing assets. Following the successful rollout of a MiCA-compliant EUR stablecoin earlier this year, Société Générale-Forge aims to capitalize on the growing market for stablecoins. USDCV will enable 24/7 conversions between fiat currencies and digital dollars or euros, facilitating real-time settlements in transactions. The planned use cases for USDCV and the preceding EURCV include crypto trading, cross-border payments, and cash management. Both stablecoins will be available for trading on multiple cryptocurrency exchanges starting in July, although they will not be accessible to US-based individuals.

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