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Societe Generale Launches Dollar-Backed Stablecoin on Ethereum and Solana
- Societe Generale is the first major European bank to launch a USD-backed stablecoin, named USD CoinVertible.
- The stablecoin will operate on Ethereum and Solana, marking a shift in how traditional finance engages with cryptocurrencies.
- The move indicates that traditional finance institutions are now actively participating in the crypto space, rather than just observing.
- The choice to deploy the stablecoin on public chains like Ethereum and Solana demonstrates a desire to tap into existing liquidity pools.
- The launch of USD CoinVertible is expected in July, with an initial focus likely on institutional users.
- Societe Generale's entry into the stablecoin market aims to provide a regulatory-compliant alternative backed by European banking prowess.
- SG-FORGE, Societe Generale's crypto-focused arm, has been exploring tokenized bonds and blockchain settlement layers, leading to the stablecoin launch.
- The USD-backed stablecoin represents a bridge between traditional capital markets and decentralized financial infrastructure.
- The success of Societe Generale's USD CoinVertible could prompt other European banks to follow suit in issuing their stablecoins.
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