EXCLUSIVE: SG Forge to launch a dollar stablecoin, a world first for a banking group

Tuesday, May 20, 2025

The crypto subsidiary of French bank Société Générale, a pioneer with its euro stablecoin since 2023, is taking another historic step by preparing to launch a dollar stablecoin - a world first for a banking group, including an American one.

SG Forge is continuing its trajectory of innovation in the world of digital assets. After being the first to launch a euro stablecoin (EURCV) two years ago, the French bank's crypto subsidiary is set to repeat the trick with its own dollar stablecoin, according to our information.

Some banks such as JP Morgan have already launched a stablecoin dollar, but this is for internal use only and is not available on public blockchains.

According to our sources, SG Forge will launch its dollar stablecoin in the coming weeks, initially on Ethereum blockchain. Other public blockchains including Solana will follow.

Contacted, SG Forge did not wish to comment on the information.

This stablecoin, initially aimed at institutional investors, will enable SG Forge to position itself in the European Union on the burgeoning market for dollar stablecoins. The French bank's crypto subsidiary has an e-money establishment licence - like Circle (USDC) - which allows it to operate a dollar stablecoin in the EU.

"It's very good that there are European players to enter the dollar stablecoin competition, especially in the EU," explains one expert.

This initiative is part of a general dynamic where payment giants are multiplying stablecoin-related innovations. Mastercard is gradually rolling out stablecoins across its network and has partnered with Moonpay to facilitate stablecoin payments in retail.

In parallel, Visa is developing stablecoin-enabled cards, while Stripe is launching a stablecoin account solution for businesses.

This new direction does not call into question SG Forge's commitment to its euro stablecoin. "This remains a strategic priority, even if its development is proving more complex than expected", not least because of regulatory constraints, confided an internal source.

The difference in scale is striking: the market for dollar stablecoins is close to $250 billion, while that for euro stablecoins tops out at €300 million. Circle's EURC dominates this segment with €210 million, while SG Forge's EURCV (available on Ethereum and Solana in particular) is just over €40 million.

Sector players point to MiCA regulation as the main brake on development. "A regulatory framework is necessary, but it is hampering the growth of euro stablecoins", analyses the head of a European project.

The most striking illustration remains that of Tether, the world leader in dollar stablecoins (with USDT), which simply chose to leave the European Union in the face of MiCA constraints.

The latter is the undisputed leader in the sector with 63% of the market share.

In several statements, particularly in an interview with The Big Whale, Paolo Ardoino, CEO of Tether, has highlighted the risks that MiCA represents for stablecoins, particularly because of the requirement to keep a significant proportion of reserves in banks. USDT has thus been gradually delisted from all platforms in the European Union.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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