Societe Generale-FORGE (SG-FORGE), the cryptocurrency subsidiary of French banking giant Societe Generale, has selected Bullish Europe as the premier platform to list its USD CoinVertible (USDCV) stablecoin. This strategic move marks the first exchange listing for the bank's dollar-pegged digital asset.
The USDCV stablecoin, initially launched on Ethereum and Solana blockchain networks in June 2024, will now be available for trading on Bullish Europe's regulated platform. This development highlights the growing institutional adoption of digital currencies within compliant frameworks.
The stablecoin operates under Europe's comprehensive Markets in Crypto-Assets (MiCA) regulation, providing clear legal guidelines for its operation. Jean-Marc Stenger, CEO of Societe Generale-FORGE, emphasized that while European regulations offer certainty, the U.S. regulatory landscape remains unclear despite the recent GENIUS Act passage.
"We currently have regulatory clarity in Europe through MiCA, but similar clarity is lacking in the United States," Stenger stated. "As a bank subsidiary, we require clear regulatory frameworks before expanding to U.S. markets, unlike more agile crypto-native companies."
The executive noted that several months will likely pass before comprehensive U.S. stablecoin regulations emerge. Meanwhile, SG-FORGE's euro-denominated EURCV stablecoin, launched in 2023, demonstrates strong market traction with approximately €40 million ($47 million) in daily trading volume.
Stenger revealed that the number of exchanges and brokers authorized to directly mint and redeem the stablecoin continues to grow steadily, with 10-15 additional platforms currently undergoing onboarding procedures. The bank maintains consistent KYC protocols across all client types, including cryptocurrency exchanges.