STORY: French bank Societe Generale is to become the first major European lender to launch a dollar-pegged cryptocurrency in the booming market for stablecoins.
It will launch the stablecoin via its crypto subsidiary SG-FORGE,
The cryptocurrency, called "USD CoinVertible", will exist on the Ethereum and Solana blockchains.
And is expected to be publicly tradable from July.
Stablecoins are a type of cryptocurrency pegged to a traditional currency, usually the dollar.
They allow people to move large sums of money without using banks' payment transfer systems.
SocGen's crypto arm had already launched a euro-based stablecoin, in 2023.
But it has not been widely adopted.
SG-FORGE said that its new token would be used for crypto trading and cross-border payments.
As well as foreign exchange transactions and management of collateral and cash.
It's expected to be listed on various crypto exchanges.
