French Banking Giant Enters the Crypto Arena with Dollar Stablecoins on Ethereum and Solana!

Updated

May 22, 2025

Gambar French Banking Giant Enters the Crypto Arena with Dollar Stablecoins on Ethereum and Solana!

Jakarta, Pintu News – Société Générale’s cryptocurrency division, SG Forge, is further expanding its presence in the digital asset world with the launch of a US dollar-backed stablecoin.

The French banking giant is using the Ethereum network for the initial launch of the stablecoin and plans to expand it to the Solana network in the future.

Société Générale aims to launch dollar stablecoin on Ethereum

societe generale launches eurcv stablecoin

French bank Société Générale is preparing to launch a US dollar-based stablecoin on the Ethereum blockchain.

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According to reports, the banking giant is planning to release a dollar-backed stablecoin in the next few weeks, utilizing the Ethereum network after previously launching several other stablecoins.

The launch of the new stablecoin is being led by SG Forge, the crypto unit of Société Générale. The stablecoin will first appear on the Ethereum network, but according to internal sources, the launch will also be extended to the Solana network .

For now, the exact schedule of the stablecoin’s launch has not been officially announced. However, the report reveals some important details. First, SG Forge’s dollar stablecoin will only be available for institutional, not retail use.

Société Générale Set to Lead the Dollar Stablecoin Market in Europe

In the long term, Société Générale is targeting a position as a leader in the dollar stablecoin market in the European Union, capitalizing on the current gap in the market.

The legal clarity of the European Union regulation known as Markets in Crypto Assets (MiCA) is encouraging traditional financial institutions to start exploring the stablecoin market. Banks are now vying for market share from native crypto companies like Tether, Circle and Ripple.

Keep in mind, this isn’t Société Générale’s first foray into the world of stablecoins. Previously, in 2023, they had launched a euro-based stablecoin.

The launch of this Ethereum-based stablecoin also comes amid the development of the GENIUS Act bill that is being discussed in the US Senate after a long political debate.

Interest in stablecoins surges to an all-time high

stablecoin market cap — Source: Coingape

The global stablecoin market is heating up, with pioneers looking to strengthen their position and newcomers vying for market share.

Mastercard has just launched a stablecoin-based payment card service in partnership with MoonPay.

Meta is also rumored to be planning a return to the crypto world with its stablecoin strategy, while Visa and Stripe continue to expand their work in the stablecoin sector.

Among native crypto players, competition is fierce. WLFI utilized Chainlink and Ethereum to secure the transfer of its USD1 stablecoin. Meanwhile, Ripple , Circle , and Tether are rushing to comply with regulations ahead of the GENIUS Act bill.

Ethereum and Solana are now the top choices for institutions looking to launch their stablecoins. WLFI, backed by Trump, chose Ethereum as the launch platform for its USD1 stablecoin. USDC and USDT also continue to rely on this blockchain as the main foundation.

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