Societe Generale - the first major European lender to launch a dollar-backed cryptocurrency

French banking group Societe Generale SA will launch a dollar-backed stablecoin through its crypto subsidiary SG-FORGE, becoming the first major European lender to launch a dollar-backed cryptocurrency in a growing market for digital stablecoins, Reuters reports.

The cryptocurrency, called "USD CoinVertible,” will exist on the Ethereum and Solana blockchains and is expected to be publicly traded from July, SG-FORGE said in a statement yesterday.

BNY Mellon will act as custodian for its reserves, Societe Generale said, according to Agerpres.

The French bank's crypto division has already launched a euro-backed stablecoin in 2023, but it has not been widely adopted, according to information on the bank's website.

Stablecoins are a type of cryptocurrency that is pegged to a traditional currency, usually the dollar, and allow people to move large amounts of money without using bank payment transfer systems.

They have seen rapid growth in recent years.

Recall that in March, Societe Generale announced that it had appointed Alexis Kohler, the Secretary General of the Elysee Palace, as Executive Vice President, starting in June 2025. Kohler, a close confidant of President Macron, has held the position of Secretary General since the beginning of his first term in 2017. At Societe Generale, he will be responsible for mergers and acquisitions, equity markets and acquisition financing, and will assist CEO Slawomir Krupa in implementing the bank's transformation programs.

Alexis Kohler will also be part of Societe Generale's Executive Committee. Kohler was head of Macron's Cabinet when he was Minister of Economy during President Francois Hollande's term from 2014 to 2016. Alexis Kohler is seen as the French President's most influential and closest advisor, being called by some ”Macron's second brain”.