French banking group Société Générale is set to launch a new stablecoin called USDCV on the Ethereum and Solana blockchains to enhance settlement and liquidity for institutional clients.
USDCV will be backed by cash reserves and is part of Société Générale's move towards regulated digital finance under its digital asset arm, SG-FORGE.
The decision to launch on Ethereum and Solana strategically leverages Ethereum's dominance in DeFi and Solana's speed and lower fees for high-volume operations.
The launch of USDCV by Société Générale reflects the bank's broader strategy in blockchain-based assets and bonds, aiming to provide a tool for settlements, lending, and on-chain operations.