Banking / Stablecoins / Cross-border Payments
How Société Générale–FORGE launched USD CoinVertible (USDCV) on Ethereum and Solana with BNY as reserve custodian
SG-FORGE announced its USD stablecoin USDCV would be issued on both Ethereum and Solana public blockchains, with BNY as reserve custodian, enabling multi-chain institutional settlement.
Summary
The U.S. dollar is the dominant settlement currency in global finance. SG-FORGE's USDCV represents a major signal: bank-issued stablecoins can run on public chains with institutional-grade reserve custody.
What happened
USDCV is SG-FORGE's USD-denominated stablecoin, launching on Ethereum and Solana with BNY as reserve custodian, supporting use cases in crypto trading, cross-border payments, FX, and collateral management.
Business goal
- Enable settlement efficiency and speed via stablecoin rails
- Support tokenized asset settlement with USD cash legs
- Modernize cross-border payments and treasury workflows
Impact
- Bank-issued stablecoin on public blockchains (Ethereum + Solana)
- Institutional-grade reserve custody via BNY
- Multi-chain strategy for network choice flexibility