SocGen’s Crypto Subsidiary to Issue Dollar-Backed Stablecoin on Ethereum Network

Société Générale’s SG Forge to Unveil Dollar Stablecoin on Ethereum in Institutional Push

Société Générale’s crypto-focused subsidiary, SG Forge, is preparing to launch a U.S. dollar-backed stablecoin on Ethereum, marking a landmark moment as the first time a global banking institution has issued a public dollar-denominated stablecoin.

According to a report by The Big Whale, the digital asset — intended for institutional use — will go live on Ethereum, with Solana support expected to follow. The initiative expands upon SG Forge’s prior rollout of the euro-pegged EURCV in 2023.

With the backing of an EU e-money license, SG Forge’s stablecoin will enjoy regulatory compliance across Europe, giving it legitimacy in a market increasingly dominated by crypto-native firms. The move comes at a time when traditional financial players are looking to reclaim ground in the stablecoin sector, which is currently valued at $243 billion.

Notably, SG Forge’s euro stablecoin EURCV has a modest footprint, with a market cap of $46.5 million — dwarfed by Circle’s EURC at $237 million. Still, the firm’s entry into the dollar-stablecoin market positions it to compete in a more liquid and widely adopted segment.

U.S. dollar stablecoins such as USDT and USDC dominate the ecosystem, with market capitalizations of $151.6 billion and $60.6 billion, respectively. The addition of a regulated European banking player could signal a new phase of institutional-grade stablecoin offerings.

The timing coincides with rising experimentation in the sector — including the Trump-affiliated USD1 stablecoin used in MGX’s $2 billion Binance deal — and growing consensus that traditional banks must evolve or be left behind.

“Stablecoins need regulated institutions to unlock their full value,” said PayPal’s crypto head, Jose Fernandez da Ponte, during Consensus 2025.

SG Forge has declined to comment on the report.