Bank-issued USD stablecoin launch

Key Points:* SG Forge launching USD stablecoin on Ethereum.

• Marks a first for multinational banks.
• Aims to meet EU regulatory demands. Societe Generale’s crypto arm, SG Forge, announced plans to launch the first bank-issued USD stablecoin on Ethereum, expanding to Solana.

This move positions Societe Generale as a pioneer in introducing a regulated USD stablecoin by a multinational bank, addressing the EU’s need for tokenized dollar liquidity.

SG Forge Initiative: First Bank-Issued USD Stablecoin on Ethereum

SG Forge, Societe Generale’s subsidiary, led by CEO Jean-Marc Stenger, is preparing to introduce a USD stablecoin on the Ethereum network. The stablecoin will start on Ethereum, targeting institutional investors and meeting EU regulatory requirements. Plans to expand to Solana and other blockchains are set, aiming to enhance blockchain-based financial services. This initiative highlights the bank’s commitment to regulated digital finance solutions. While market reactions are minimal, the financial community watches closely as this move could impact future euro-stablecoin and DeFi collaborations.

Jean-Marc Stenger, Chief Executive Officer at SG-Forge, stated, “Digital assets with stabilisation mechanisms – i.e. stablecoins – built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem. This issuance is a major step in Societe Generale–FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”

Jean-Marc Stenger, Chief Executive Officer at SG-Forge, stated, “Digital assets with stabilisation mechanisms – i.e. stablecoins – built under a robust banking-grade structure will be a key element to increase trust and confidence in the native crypto ecosystem. This issuance is a major step in Societe Generale–FORGE’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology.”

Stablecoin History and Ethereum Price Dynamics

Did you know? Societe Generale’s euro stablecoin EURCV, launched before the USD version, reached 40 million in circulation in April 2023, setting a precedent for bank-issued stablecoins on public blockchains.

According to CoinMarketCap, Ethereum (ETH) trades at $2,471.68 with a market cap of $298.40 billion and a 24-hour volume of $24.84 billion despite trading volume decreasing by 27.32%. The ETH price rose by 0.82% in the past 24 hours, with a 7-day decline of 2.84%. Over the past month, ETH surged by 56.34%. As of May 20, 2025, Ethereum continues as a dominant player in the crypto sector.

Ethereum(ETH), daily chart, screenshot on CoinMarketCap at 14:53 UTC on May 20, 2025. Source: CoinMarketCap Coincu research team suggests this move by Societe Generale could escalate institutional adoption of blockchains, influencing both regulatory perceptions and technological advancements. SG Forge’s role highlights a shift towards more regulated digital asset markets.