SG Forge to Launch Dollar-Backed Stablecoin on Ethereum, Expanding Institutional Offerings
Société Générale’s blockchain subsidiary, SG Forge, is preparing to launch a U.S. dollar-pegged stablecoin on the Ethereum network, making it the first major global bank to issue a publicly available dollar-denominated stablecoin.
According to French outlet The Big Whale, the new stablecoin will debut on Ethereum with planned support for the Solana blockchain in the near future. This development follows SG Forge’s earlier rollout of its euro-backed stablecoin, EURCV, in 2023.
Initially aimed at institutional clients, the stablecoin will operate under SG Forge’s electronic money license, enabling regulatory compliance across the European Union.
The move underscores growing momentum in the stablecoin space. Earlier this year, World Liberty Financial — a DeFi venture backed by the Trump family — launched its own dollar stablecoin, USD1, which facilitated a $2 billion settlement for MGX’s investment in Binance.
Ben Reynolds, managing director of stablecoins at BitGo, noted that traditional banks are accelerating stablecoin initiatives to remain competitive with crypto-native platforms. At Consensus 2025 in Toronto, PayPal’s head of crypto, Jose Fernandez da Ponte, emphasized that banks are critical to unlocking the broader utility of stablecoins.
Despite EURCV’s modest market cap of $46.5 million — trailing significantly behind Circle’s EURC at $237 million — SG Forge aims to gain ground in the expanding stablecoin sector. Euro-backed tokens remain a small slice of the $243 billion global stablecoin market, which is dominated by U.S. dollar-pegged assets.
Circle’s USDC currently holds a $60.6 billion market share, while Tether’s USDT leads the field with a market capitalization of $151.6 billion.
SG Forge has not issued an official comment on the forthcoming launch.
