SG Forge to Launch Dollar-Pegged Stablecoin on Ethereum, Following Euro Token Success
Société Générale’s crypto division, SG Forge, is set to release a new U.S. dollar-backed stablecoin on the Ethereum blockchain, potentially becoming the first major global bank to offer a public stablecoin pegged to the dollar.
The forthcoming dollar stablecoin will initially target institutional investors and is planned to launch on Ethereum, with support for Solana expected to roll out later, according to The Big Whale report.
This move builds on SG Forge’s earlier introduction of its euro stablecoin, EURCV, in 2023, signaling the firm’s commitment to expanding its digital asset portfolio. The stablecoin will be issued under SG Forge’s European Union e-money license, enabling legal operations across EU markets.
As stablecoin adoption accelerates worldwide, traditional banks like Société Générale are stepping up to ensure they remain competitive against crypto-native projects. The market currently favors dollar-denominated stablecoins such as Tether’s USDT and Circle’s USDC, which dominate with market caps of $151.6 billion and $60.6 billion respectively.
Meanwhile, SG Forge’s EURCV token holds a $46.5 million market cap, trailing behind rivals like Circle’s EURC. The launch of a dollar stablecoin could boost SG Forge’s influence in the booming $243 billion stablecoin sector.
Industry experts, including PayPal’s crypto lead Jose Fernandez da Ponte, emphasize the need for established financial institutions to support the stablecoin ecosystem to fully realize its potential.
SG Forge has not provided official comments regarding the stablecoin launch.
