SOCIETE GÉNERALE BECOMES FIRST MAJOR BANK TO LAUNCH STABLECOIN
Societe Générale is the first major bank to launch a dollar-backed stablecoin on Ethereum and Solana, with public trading set to begin in July. These tokens are classified as e-money under the EU's MiCA framework, offering regulated dollar liquidity to corporates, financial institutions, and crypto exchanges. Reserves will be custodied by BNY Mellon, initially held in cash and later invested in yield-bearing assets, enabling use cases from trading and cross-border payments to collateral management. The coin will be called “USD CoinVertible.”