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Deployments · SG-FORGE CoinVertible · platform by Societe Generale-FORGE

SG-FORGE USD CoinVertible (USDCV)Updated 7 Nov 2026

Societe Generale-FORGE's US dollar stablecoin, a MiCA e-money token issued on Ethereum and Solana with BNY holding the reserves. Announced in June 2025 as one of the first dollar stablecoins from a large European bank, it had about 11.5 million tokens in circulation in October 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since Jul 2025[3] — Small supply; not available to US persons. · Reviewed 25d ago

Assets
Stablecoin[2]
US dollar e-money token under MiCA
Networks
Ethereum Public, permissionless[2]
Solana Public, permissionless[2]
Use cases
Primary issuance[3]
Jurisdictions
France, European Union

Participants

Operates under

Assets

Metrics

  • ~$11.55mTokens in circulation · as of 11 Oct 2026[3]
    On-chain via DefiLlama.
  • ~$9.56mTokens in circulation · as of 11 Oct 2026 · on Ethereum[3]
    On-chain via DefiLlama.
  • ~$1.99mTokens in circulation · as of 11 Oct 2026 · on Solana[3]
    On-chain via DefiLlama.
  • ~$10.98mSupply on chain (daily) · as of 7 Nov 2026[9]
    Automated daily reading of on-chain supply across all chains.
  • ~$8.99mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum[9]
    Automated daily reading.
  • ~$1.99mSupply on chain (daily) · as of 7 Nov 2026 · on Solana[9]
    Automated daily reading.

Timeline

  1. Happened Jul 2025 (month only) · Launch · recorded 11 Oct 2026
    USDCV tokens are in circulation on Ethereum and Solana (launch month per the issuer's plan; circulation confirmed on-chain).[3]
  2. Happened 10 Jun 2025 · Announcement · recorded 11 Oct 2026
    SG-FORGE announces USDCV for Ethereum and Solana, with BNY as reserve custodian and trading expected from July 2025.[2]

Sources

  1. [1]Interim MiCA register of e-money token white papers (EMTWP.csv) — ESMA. Accessed 14 Oct 2026.A
  2. [2]French bank Societe Generale to launch US dollar-pegged stablecoin on Ethereum and Solana — The Block, 10 Jun 2025. Accessed 11 Oct 2026.C
  3. [3]USD CoinVertible stablecoin data (API) — DefiLlama, 11 Oct 2026. Accessed 11 Oct 2026.A
  4. [4]Interim MiCA register - white papers for e-money tokens (EMTWP) — ESMA. Accessed 13 Oct 2026. Lists Societe Generale - Forge (ACPR-supervised e-money institution) with its USDCV white paper notified 16 July 2024..A
  5. [5]CoinVertible | SG Forge — Societe Generale-FORGE. Accessed 28 Oct 2026.B
  6. [6]Bitvavo partners with Societe Generale-FORGE to list EUR CoinVertible and USD CoinVertible — Societe Generale-FORGE, 17 Dec 2025. Accessed 28 Oct 2026.B
  7. [7]Societe Generale-FORGE and Bitpanda expand their partnership in decentralized finance — Societe Generale-FORGE, 14 Oct 2025. Accessed 28 Oct 2026.B
  8. [8]Societe Generale unit adds MiCA-compliant stablecoin to MetaMask — The Block, 15 Apr 2026. Accessed 28 Oct 2026.C
  9. [9]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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