USDCV, backed by the U.S. dollar and launched in June on the Ethereum and Solana blockchains, will become available for trading on Bullish Europe. The issuer is SG-FORGE, a division of Societe Generale. Global company Bullish, in turn, owns media platform CoinDesk.
Regulation Shapes the Market
SG-FORGE CEO Jean-Marc Stenger emphasized that the situation in Europe is clear thanks to MiCA, while in the U.S. the regulatory framework is still taking shape. He noted that the bank is limiting access to its stablecoins for U.S. investors until clearer rules are introduced.
“We need to wait for additional rules that will be issued in the U.S. For now, we are offering the product only outside the American market, but in the future, we plan to lift this restriction,” Stenger said.
Experience With the Euro Stablecoin
Societe Generale already has successful experience with the euro-backed stablecoin EURCV, launched in 2023. According to Stenger, its daily turnover reaches about €40 million ($47 million). The number of exchanges and brokers able to directly issue and burn the token is gradually growing. Currently, another 10–15 platforms are in line to be connected.
Stenger clarified that SG-FORGE uses a unified KYC process for crypto clients, similar to the standards of the Societe Generale group.
“Sometimes this creates difficulties for market participants, but this is exactly how sustainable partnerships are built,” he noted.
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