Stablecoin News – Societe Generale announced the launch of its USD-denominated USDCV stablecoin on July 12, 2025, with Bank of New York Mellon (BNY Mellon) as reserve custodian, recording $200 million in trading volume on its debut.
Built on the Solana blockchain for high-speed, low-cost transactions, USDCV targets institutional clients for cross-border payments and trade finance, capitalizing on stablecoins’ $28 trillion in 2024 transaction volume.
The launch follows Societe Generale’s plan, announced in June, to issue a USD-backed stablecoin to expand its digital asset offerings.
USDCV, pegged 1:1 to the U.S. dollar with reserves held by BNY Mellon, aligns with the U.S.’s GENIUS Act requirements for transparency and audits, despite the bill’s vote delay to late July.
The stablecoin’s debut reflects growing institutional adoption, with firms like Bank of America exploring similar initiatives. Solana’s 1,423 transactions per second and sub-cent fees make it ideal for USDCV’s payment focus, unlike slower networks.
The BIS’s June 24 report warned of stablecoin risks, including potential bank runs, urging robust oversight like the EU’s MiCA framework, which Societe Generale complies with for European operations.
Hong Kong’s Stablecoin Ordinance, driving $1.2 billion in issuance, sets a competitive benchmark, but USDCV’s institutional focus differentiates it.
The $200 million trading volume signals strong demand, though competition from Tether’s USDT and Circle’s USDC, with 90% market share, remains fierce.
Risks include Solana’s past network outages and regulatory uncertainty in the U.S., where the GENIUS Act’s delay creates ambiguity.
Societe Generale’s banking expertise and BNY Mellon’s custodianship enhance USDCV’s credibility, positioning it to capture a share of the $2.8 trillion stablecoin market projected by 2028, but sustained growth requires navigating global regulations and market dynamics.
