Share this article
SocGen’s Crypto Arm to Launch Dollar Denominated Stablecoin on Ethereum, Reports Say
The stablecoin, initially for institutional investors, follows the launch of SG Forge’s euro stablecoin, EURCV.
May 20, 2025, 4:38 p.m.
What to know:
- Société Générale’s crypto arm, SG Forge, is reportedly set to launch a dollar-backed stablecoin on Ethereum.
- The stablecoin will initially target institutional investors and leverage SG Forge’s e-money license to operate in the European Union.
- The launch comes amidst growing stablecoin adoption, with banks exploring stablecoins to stay competitive with cryptocurrency-native firms.
Société Générale’s crypto arm, SG Forge, is reportedly preparing to launch a dollar-backed stablecoin on Ethereum, making it the first global banking group to issue a public stablecoin tied to the U.S. dollar.
SG Forge’s dollar stablecoin would be publicly accessible on Ethereum, with additional support for Solana to follow. The launch is expected in the coming weeks, according to a report by French publication The Big Whale.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The move would expand SG Forge’s footprint in the digital asset space following the 2023 debut of its euro stablecoin, EURCV.
The token would initially serve institutional investors, leveraging SG Forge’s e-money license to operate legally across the European Union, according to the report.
The shift would come amid accelerating stablecoin adoption. World Liberty Financial, the decentralized finance project backed by the family of U.S. President Donald Trump, has launched its own dollar-denominated stablecoin, USD1, which has been used to settle MGX’s $2 billion investment in Binance.
Banks, according to BitGo’s managing director of stablecoin Ben Reynolds, are exploring stablecoins in a bid to avoid being outpaced by cryptocurrency-native competitors. These financial institutions are needed to unlock the full potential of these tokens, PayPal’s crypto head Jose Fernandez da Ponte said at Consensus 2025 in Toronto.
SG Forge’s euro-denominated stablecoin, EURCV, currently has a market capitalization of around $46.5 million, far behind competitors including Circle’s EURC token, whose market cap exceeds $237 million. Euro-denominated tokens represent a fraction of the $243 billion stablecoin market.
U.S. dollar stablecoins dominate the ecosystem, with Circle’s USDC commanding a $60.6 billion market cap, behind the market leader USDT, Tether’s flagship stablecoin with a $151.6 billion market cap.
SG Forge declined to comment.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
