Reported 2 days ago
French bank Societe Generale is set to introduce a dollar-backed stablecoin named 'USD CoinVertible' through its crypto subsidiary SG-FORGE. This initiative makes Societe Generale the first major European bank to enter the dollar-pegged stablecoin market. The cryptocurrency will be available on the Ethereum and Solana blockchains, with trading expected to begin in July, and will be managed by BNY Mellon as custodian for its reserves. Despite previously introducing a euro-based stablecoin in 2023, which saw limited adoption, Societe Generale aims to leverage this new offering for various financial transactions.
Source: YAHOO