SocGen’s SG Forge Set to Roll Out First Dollar Stablecoin by a Global Bank on Ethereum

SG Forge, the digital asset arm of French banking giant Société Générale, is gearing up to release a U.S. dollar-pegged stablecoin on Ethereum — marking a significant milestone as the first dollar-denominated stablecoin publicly issued by a global banking group.

The upcoming stablecoin, designed primarily for institutional investors, will launch initially on Ethereum, with support for Solana expected later, according to French publication The Big Whale. The move builds on SG Forge’s 2023 launch of its euro-backed EURCV token.

Backed by SG Forge’s European e-money license, the new token will be able to operate in compliance with EU-wide financial regulations, giving it a potential advantage over many crypto-native alternatives.

The launch comes amid rapid stablecoin adoption and intensifying competition. The Trump family-backed World Liberty Financial recently introduced its own USD stablecoin (USD1), which was used to settle a $2 billion crypto deal with Binance.

Industry leaders say banks are rushing into the stablecoin space to stay relevant. “Traditional institutions are realizing they risk losing ground to decentralized platforms,” said BitGo’s Ben Reynolds. At Consensus 2025 in Toronto, PayPal’s crypto chief Jose Fernandez da Ponte stressed that banks are essential to expanding real-world stablecoin use cases.

Despite a relatively small market share — EURCV holds around $46.5 million in market cap, compared to Circle’s EURC at $237 million — SG Forge’s expansion into dollar-backed assets could help it capture a larger slice of the $243 billion stablecoin market.

Currently, dollar-backed tokens dominate: Circle’s USDC has a market cap of $60.6 billion, while Tether’s USDT remains the leader at $151.6 billion.

SG Forge declined to provide further comment on the launch timeline.