This is the USDCV initiative, which has been designed complying with the Mica guidelines.
The company will publish the composition of the reserves that support the project.
Société Générale-Forge (SG-Forge), the cryptoactive division of the Société Générale group, is ready to launch its new stablecoin, the USD coinvertible (USDCV). This digital asset will be available on the public networks of Ethereum and Solana.
The Bank of New York Mellon Corporation (BNY), an outstanding global financial services company, will play the crucial custodian role of the reserves of this new asset. Collaboration seeks to ensure fluid integration between traditional financial ecosystems and digital platforms.
The USDCV marks the second SG-Forge incursion into the Stablecoins marketafter the launch of the EUR Coinvertible (EURCV) in April 2023. Both Stablecoins will allow investors to access the markets, facilitating uninterrupted transactions 24 hours a day both in dollars (USD) and in euros.
According to a release of SG-Forge, Both USDCV and EURCV were designed under the mica regulation of the European Union. The company undertakes to publish daily the composition of the reserves that support both Stablecoins.
It should be noted that, in Europe, SG-Forge was associated with bitpanda, the Austrian cryptocurrency platform with more than 5 million users, to distribute the EURCV. The alliance, backed by the Mica regulations, was born to promote the adoption of regulated digital assets in the region.
Carolyn Weinberg, product director and innovation at The Bank of New York Mellon, highlighted the impact of Stablecoins on the financial system. He emphasized that these currencies, when operating 24/7, are promoting a revolution in the cash market, offering greater resilience and new opportunities for companies and investors.
We are excited to boost the Stablecoins market such as the trusted infrastructure for cryptoactive economy. The consolidated trajectory and the deep experience of Bny will ensure the future of the financial system in the areas of cash, investment management, custody, payments and much more. The cash market is experiencing a massive transformation, and the stablecoins, with the ability to operate 24/7, are catalyzing much of this change.
Carolyn Weinberg, product director and innovation of the BNY.
The Stablecoins market exceeds 250,000 million dollarswith USDT (tether) dominating with more than 62%. However, as Cryptonoticias reported, great American banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are now exploring to issue a joint Stablecoin to compete and adapt to this dynamic sector.
