USD CoinVertible (USDCV) is a U.S. dollar-denominated stablecoin issued by Societe Generale-FORGE (SG-FORGE), the digital asset subsidiary of the global banking group Societe Generale. It operates on the Ethereum and Solana public blockchains and is designed to bridge traditional capital markets with the digital asset ecosystem, primarily for institutional clients. ^{[1] [2]}

Overview

USD CoinVertible was developed by SG-FORGE to provide a regulated and transparent digital dollar for institutional and corporate clients. The project was officially announced on June 10, 2025, positioning Societe Generale as one of the first major global banking groups to issue a public stablecoin pegged to the U.S. dollar. The stablecoin is structured to be fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation, under which it is classified as an Electronic Money Token (EMT). This regulatory alignment is a key feature, intended to offer a higher degree of trust and compliance for institutional participants compared to non-bank-issued stablecoins. ^{[3] [4]}

The stablecoin is fully backed by reserves, which are held in custody by The Bank of New York Mellon (BNY Mellon), a major global financial institution. This arrangement separates the reserve assets from SG-FORGE's corporate assets, ensuring they are available to token holders. SG-FORGE has committed to transparency by publishing daily reports on the valuation and composition of the collateral backing USDCV on its official website. The project's target audience includes institutional issuers and investors, corporates, and retail investors outside of the United States, aiming to facilitate a range of financial activities such as on-chain settlement, collateral management, and foreign exchange operations. ^{[5] [6]}

Jean-Marc Stenger, CEO of SG-FORGE, described the initiative as a logical progression following the company's earlier launch of a euro-pegged stablecoin, stating, "After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US Dollar denominated." ^[7] Carolyn Weinberg of BNY Mellon also commented on the trend, noting that regulated stablecoins' "24/7 capabilities drive operational efficiency" and "could create new opportunities for investors and corporations." ^[6]

History

The development of USD CoinVertible followed SG-FORGE's initial entry into the stablecoin market. In April 2023, the company launched its first stablecoin, EUR CoinVertible (EURCV), which is pegged to the Euro and also designed to be MiCA-compliant. This earlier project served as a precedent and provided a framework for the subsequent launch of a U.S. dollar-denominated version. ^{[3] [8]}

On June 10, 2025, SG-FORGE officially announced its plans to launch USD CoinVertible, with trading expected to commence in early July 2025. The announcement highlighted the selection of both the Ethereum and Solana blockchains for issuance and named BNY Mellon as the reserve custodian. This move was seen as a significant step by a traditional financial institution to engage directly with the public blockchain ecosystem. ^{[2] [9]}

Following the announcement, USDCV began to be integrated into the wider digital asset ecosystem. On September 23, 2025, the institutional-grade exchange Bullish Europe became the first platform to list and offer the USDCV stablecoin. Subsequently, on September 30, 2025, SG-FORGE announced the deployment of both its Euro (EURCV) and Dollar (USDCV) stablecoins into the decentralized finance (DeFi) ecosystem through various partners. Further expansion occurred on October 23, 2025, when the crypto platform Bit2Me announced a partnership with SG-FORGE to launch both stablecoins to its user base. The first day of significant trading activity recorded by market data aggregators was October 10, 2025, a day on which the token registered both its all-time high and all-time low prices. ^{[1] [10]}

Technology

USD CoinVertible is a multi-chain stablecoin built on established public blockchain networks to ensure broad accessibility and utility across different decentralized ecosystems. ^[1]

Blockchain Networks

The stablecoin is issued on two prominent public blockchains:

• Ethereum: Chosen for its large and established ecosystem for tokenized assets and decentralized applications. The Ethereum contract address for USDCV is 0x5422374B27757da72d5265cC745ea906E0446634.
• Solana: Selected for its high transaction throughput and lower transaction costs, which are advantageous for institutional-grade settlement and high-frequency on-chain operations. The Solana contract address is 8smindLdDuySY6i2bStQX9o8DVhALCXCMbNxD98unx35.

This dual-chain approach allows users to interact with USDCV within both the Ethereum and Solana DeFi ecosystems, leveraging the distinct advantages of each network. The token is compatible with various wallets that support these blockchains, including Phantom, Solflare, Backpack, and EVM-compatible wallets like MetaMask. ^{[10] [11]}

Reserve Mechanism and Transparency

USDCV is designed to maintain a stable value pegged 1:1 to the U.S. dollar through a full collateralization model. The reserves backing the stablecoin are managed with a focus on security, liquidity, and transparency. ^[5]

• Reserve Composition: The reserves consist of cash deposits and high-quality, liquid securities that meet stringent eligibility criteria, including minimum credit ratings and liquidity standards.
• Custodianship: The reserve assets are held by BNY Mellon, a global financial services company. The assets are maintained in segregated accounts, ensuring they are not commingled with SG-FORGE's corporate assets and are protected for the benefit of token holders.
• Transparency: SG-FORGE provides daily public disclosures on its website regarding the composition and valuation of the collateral backing USDCV. This commitment to transparency is intended to provide assurance to holders about the stability and backing of the token.

This structure aims to combine the security and oversight of traditional finance with the efficiency of blockchain technology. ^[3]

Regulatory Framework

A central feature of USD CoinVertible is its design for regulatory compliance, specifically within the European Union.

• MiCA Compliance: The stablecoin is structured as an Electronic Money Token (EMT) under the EU's Markets in Crypto-Assets (MiCA) regulation. This framework provides a comprehensive set of rules for crypto-asset issuers and service providers in the EU.
• Issuer Licensing: SG-FORGE operates as a licensed Electronic Money Institution (EMI) by the French Autorité de contrôle prudentiel et de résolution (ACPR). It is also registered and licensed as a Digital Asset Service Provider (DASP) by the French Autorité des Marchés Financiers (AMF).

This regulatory foundation is intended to differentiate USDCV from other stablecoins by offering a product issued and managed by a fully licensed and regulated subsidiary of a major bank. ^{[4] [7]}

Tokenomics

As of November 2, 2025, market data for USD CoinVertible reflected its early stage of adoption. According to CoinMarketCap, the circulating and total supply of USDCV was 30,650,450 tokens, with a corresponding market capitalization of approximately $30.65 million. The 24-hour trading volume was over $4.5 million, placing its market rank at #671. Data from CoinGecko on the same day reported a lower circulating supply of 8,900,300 USDCV and a market capitalization of approximately $8.9 million. The discrepancies in reported supply and market capitalization are common among data aggregators for newer assets. ^{[10] [11]}

The token's price has remained stable around its $1.00 peg. The all-time high was recorded at $1.13 on October 10, 2025, while the all-time low was $0.9788 on the same day, indicating initial price volatility during its first major trading day. The token model does not specify a maximum supply, which is typical for fiat-backed stablecoins where new tokens are minted or burned based on deposits and redemptions of the underlying fiat currency. ^[11]

Use Cases

USD CoinVertible is designed to support a variety of institutional and corporate financial activities by leveraging the efficiency and 24/7 availability of blockchain technology. The intended use cases include:

• Crypto Trading: Providing a stable, liquid asset for trading against more volatile cryptocurrencies on centralized and decentralized exchanges.
• On-Chain Settlement: Facilitating the settlement of digital securities and other tokenized assets on the blockchain.
• Cross-Border Payments: Enabling faster and more cost-effective international payments compared to traditional banking rails.
• Foreign Exchange (FX): Supporting seamless foreign exchange operations between fiat currencies and digital assets.
• Collateral and Cash Management: Serving as on-chain collateral for DeFi protocols and enabling more efficient corporate cash management.

These applications are intended to bridge the gap between traditional financial workflows and the emerging digital asset economy. ^{[3] [2]}

Ecosystem and Partnerships

The ecosystem for USD CoinVertible is built around partnerships with established financial institutions and digital asset platforms.

• Issuer: Societe Generale-FORGE is the sole issuer and manager of the stablecoin. As a subsidiary of Societe Generale, it provides the institutional backing and regulatory oversight for the project.
• Reserve Custodian: BNY Mellon serves as the custodian for the U.S. dollar reserves, a critical role that enhances the credibility and security of the stablecoin's backing.
• Exchange Listings: USDCV is available for trading on both centralized exchanges (CEXs) and decentralized exchanges (DEXs). Key trading venues include Bullish, which was the first exchange to list the token, and Uniswap v3 on Ethereum. It is also listed on Bit2Me. The most active trading pairs are USDCV/USDC and BTC/USDCV on Bullish.
• DeFi Integration: SG-FORGE has partnered with platforms like Bitpanda to expand the use of its stablecoins within the decentralized finance ecosystem.

These partnerships are crucial for establishing liquidity, accessibility, and trust for the stablecoin in the competitive digital asset market. ^{[1] [10]}

Legal and Geographic Availability

USD CoinVertible is marketed with a strong emphasis on its compliant design, but its availability is subject to significant geographic restrictions. The service and its products, including USDCV, are explicitly not available to "U.S. Persons" or any individuals or entities located in the United States or its territories. This restriction is enforced through user agreements and is a key aspect of its compliance strategy, which is primarily focused on the European regulatory landscape under MiCA. The issuer reserves the right to refuse redemption to any person who does not meet the criteria of a "Permitted Transferee" as defined under U.S. securities regulations. ^{[1] [2]}