PARIS–SG Forge, the crypto subsidiary of Société Générale, is introducing the first bank-issued dollar stablecoin on Ethereum.
The stablecoin launch targets institutional investors and taps into the $250 billion dollar stablecoin market, according to CrytptoBriefing.com
The move would make Société Générale the first global banking group to issue a dollar stablecoin on a public blockchain, according to the report, which said SG Forge also plans to expand the stablecoin to other networks, including Solana, after the initial launch.
As of now, no major global banking group has yet widely issued a U.S. dollar stablecoin on a public blockchain, CryptoBriefing.com added.
What 1 U.S. Bank is Doing
“JPMorgan Chase has already launched a dollar stablecoin called JPM Coin. However, it operates on a private, permissioned blockchain and is currently restricted to internal use by JPMorgan’s clients and partners,” the report explained.
According to CryptoBriefing.com, the upcoming launch will mark SG Forge’s second stablecoin initiative. The firm previously introduced EUR CoinVertible (EURCV) in April 2023 on Ethereum, a euro-denominated token aimed at institutional clients. That product laid the groundwork for SG Forge’s approach to regulated digital assets but was euro-focused, the report stated.
Larger Market
“With this new dollar stablecoin, SG Forge is shifting into a far larger and more competitive market,” CryptoBriefing.com reported. “Initially targeted at institutional investors, the stablecoin aims to address growing demand in the European Union for secure, regulated access to dollar liquidity in tokenized form. SG Forge’s e-money license under EU law, similar to that held by Circle, the issuer of USDC, allows it to operate such a product legally within the bloc.”
