Société Générale-Forge, a cryptographic subsidiary of French financial services company Société Générale, has launched a new US dollar-valued Stablecoin.
According to a June 10th announcement, the Stablecoin, known as USD Coinvertible (USDCV), will be issued on Ethereum and Solana blockchains. UK-based financial services company BNY acts as the manager of assets supporting Stablecoin.
The announcement follows the company’s April 2023 launch of Stablecoin Eur Coinververible (EURCV), an euro family for institutional customers.
“After the release of the MICA-compliant Eur Stablecoin (Eurcv), the release of the US dollar edition (USDCV) of Société Générale-Forge was an obvious next step for Société Générale-Forge.
USDCV aims to provide seamless access to the Stablecoin market, offering 24/7 conversions between Fiat currency and digital dollars or euros. The settlement allows real-time settlement of transactions in both the US dollar and the euro, according to the company.
Related: Tethered USDT Stub Coins Seen at Bolivian Store Prices
Stablecoins are multipurpose instruments
The company said both USDCV and EURCV cover a wide range of use cases, including crypto transactions, cross-border payments, on-chain payments, forex transactions, collateral and cash management.
The company added that Stubcoin will be listed on multiple cryptocurrency exchanges and made available to institutions, businesses and retail investors through brokers and payment service providers. USDCV trading is scheduled to begin in July, but neither of the EURCV is available to US-based people.
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