Société Générale’s crypto arm, SG Forge, is reportedly making ready to launch a dollar-backed stablecoin on Ethereum, making it the primary international banking group to difficulty a public stablecoin tied to the U.S. greenback.
SG Forge’s greenback stablecoin could be publicly accessible on Ethereum, with further assist for Solana to observe. The launch is predicted within the coming weeks, based on a report by French publication The Massive Whale.
The transfer would increase SG Forge’s footprint within the digital asset house following the 2023 debut of its euro stablecoin, EURCV.
The token would initially serve institutional buyers, leveraging SG Forge’s e-money license to function legally throughout the European Union, based on the report.
The shift would come amid accelerating stablecoin adoption. World Liberty Monetary, the decentralized finance venture backed by the household of U.S. President Donald Trump, has launched its personal dollar-denominated stablecoin, USD1, which has been used to settle MGX’s $2 billion funding in Binance.
Banks, based on BitGo’s managing director of stablecoin Ben Reynolds, are exploring stablecoins in a bid to keep away from being outpaced by cryptocurrency-native opponents. These monetary establishments are wanted to unlock the complete potential of those tokens, PayPal’s crypto head Jose Fernandez da Ponte stated at Consensus 2025 in Toronto.
SG Forge’s euro-denominated stablecoin, EURCV, presently has a market capitalization of round $46.5 million, far behind opponents together with Circle’s EURC token, whose market cap exceeds $237 million. Euro-denominated tokens signify a fraction of the $243 billion stablecoin market.
U.S. greenback stablecoins dominate the ecosystem, with Circle’s USDC commanding a $60.6 billion market cap, behind the market chief USDT, Tether’s flagship stablecoin with a $151.6 billion market cap.
SG Forge declined to remark.
