SocGen to Roll Out Ethereum-Powered Dollar Stablecoin Through Crypto Arm, Per Reports

SG Forge to Introduce Dollar-Pegged Stablecoin on Ethereum, Expanding Institutional Crypto Offerings

Société Générale’s blockchain arm, SG Forge, is preparing to launch a dollar-backed stablecoin on Ethereum, positioning itself as the first major global bank to issue a publicly accessible stablecoin tied to the U.S. dollar.

According to The Big Whale, the new stablecoin will be rolled out initially for institutional investors, with plans to extend support to the Solana network shortly thereafter. This follows SG Forge’s 2023 launch of the euro-denominated stablecoin EURCV.

The initiative is backed by SG Forge’s e-money license, which permits the legal issuance and operation of stablecoins across the European Union. This move signals a growing commitment by traditional banks to participate in the expanding digital asset space.

While SG Forge’s EURCV currently holds a modest market capitalization of approximately $46.5 million, the firm aims to gain a stronger foothold in the thriving stablecoin market, valued at $243 billion globally. This sector remains dominated by U.S. dollar stablecoins, notably Tether’s USDT and Circle’s USDC, boasting market caps of $151.6 billion and $60.6 billion, respectively.

The launch coincides with rising interest from traditional finance in crypto solutions, as industry leaders underscore the necessity for regulated institutions to support and stabilize the fast-growing stablecoin ecosystem.

SG Forge has not issued an official statement regarding the upcoming launch.