Executive Summary

Societe Generale's digital asset subsidiary, SG Forge, has officially launched its USD CoinVertible (USDCV) stablecoin on Bullish Europe. This development represents a significant advancement in the provision of regulated digital assets within the European Union, with USDCV fully compliant with Europe's Markets in Crypto-Assets (MiCA) regulation. The stablecoin is pegged 1:1 to the US dollar, designed to cater to institutional, corporate, and retail investors seeking compliant access to stable digital currencies. This launch underscores a growing divergence in digital asset regulatory environments between Europe and the United States.

The Event in Detail

On September 23, 2025, Bullish Europe (GmbH), a BaFin-regulated provider of digital asset trading and custody services licensed under MiCA, announced its partnership with Societe Generale-FORGE (SG-FORGE). Through this collaboration, Bullish Europe became the inaugural platform to offer USDCV. This is SG-FORGE's second stablecoin, following the EUR CoinVertible (EURCV), which Bullish began offering in early June. USDCV is designed to provide access to a US dollar-pegged stablecoin compliant with MiCA, available on both the Ethereum (ERC20) and Solana blockchains. Marco Bodewein, CEO of Bullish Europe, stated that offering USDCV "further highlights Bullish's position as a leading venue for institutional-grade liquidity and compliant digital asset trading services." Jean-Marc Stenger, Chief Executive Officer of Societe Generale-FORGE, added that this partnership "reinforces this commitment by providing investors with seamless access to our MiCAR-compliant stablecoins, facilitating the integration of traditional and digital financial ecosystems."

Financial Mechanics and Regulatory Compliance

USD CoinVertible (USDCV) functions as an e-money token (EMT) under the European MiCA regulation (EU) 2023/1114. It is issued by SG-FORGE, which holds an electronic money institution license granted by the ACPR (Autorité de Contrôle Prudentiel et de Résolution). USDCV is pegged 1:1 to the US dollar and is backed by 100% cash held in segregated accounts at the Bank of New York Mellon Corporation (BNY) and Societe Generale. The stablecoin is redeemable 1:1 for US dollars. SG-FORGE maintains full transparency, publicly disclosing the collateral composition and valuation on a daily basis. The collateral adheres to stringent eligibility criteria, including minimum rating and liquidity requirements, ensuring funds are bankruptcy remote in the event of an SG-FORGE insolvency. USDCV has been fully compliant with MiCA since its launch on June 25, 2025, mirroring the compliance of EURCV since July 1, 2024.

Business Strategy and Market Positioning

SG-FORGE's strategy is to bridge traditional finance with the digital asset ecosystem by offering regulated stablecoins. The launch of USDCV expands its suite of offerings, building on the success of its euro-denominated counterpart, EURCV, which has reached a daily turnover of approximately €40 million ($47 million). While the overall stablecoin market has seen significant growth, primarily driven by USDT and USDC (which together account for 93.5% of the circulating supply), traditional finance-backed stablecoins like PayPal's PYUSD and SG-FORGE's EURCV have initially faced challenges in gaining widespread traction despite strong brand recognition and regulatory alignment. However, SG-FORGE continues to expand its reach, actively onboarding more exchanges and brokers, with 10–15 additional platforms in the integration pipeline, all subject to a unified KYC procedure for secure access.

Broader Market Implications

The introduction of a MiCA-compliant USD stablecoin by a systemic bank like Societe Generale sets a significant precedent for the broader Web3 ecosystem. It deepens the integration of traditional finance with digital assets, potentially leading to increased liquidity and institutional investment in regulated stablecoin markets within Europe. This move also highlights the diverging regulatory landscapes between the EU and the US. Europe, with its clear MiCA framework, provides legal certainty, while the US faces ongoing regulatory ambiguity despite the GENIUS Act enacted on July 18, 2025. The delay in full implementation and persistent regulatory uncertainty in the US restricts access for US residents to SG Forge's stablecoins. This regulatory disparity shapes global competition and influences the pace of corporate adoption of digital assets, with Europe currently leading in providing a clear operational environment for regulated stablecoins.